Whether or not someone helps you through your day-to-day bookkeeping, maintaining records of your transactions demands discipline. Why? Because all these documents allow you to justify your "accounting entries", the small lines that make up all the financial flows of your company.
Do you keep all your receipts, bills and invoices? Many of us try but not all of us succeed. The problem is, there are so many of them: bank statements, purchase invoices, sales invoices, credit card receipts, even lowly check stubs. Unfortunately, you need to keep them all as you may one day need each of these documents to justify a business expense.
Take the paperwork out of the equation and automate your expenses
It's a familiar story for many business owners at the end of the month: the hassle of scrambling around to find slips of paper buried in pockets, wallets, bags or (for the old-school hoarders among us) shoeboxes reinvented as filing cabinets. It's hardly the most efficient use of your precious time.
So why not take the paperwork out of the equation by automating your expense procedure?
With Qonto, you can attach digitized versions of your receipts to their corresponding transactions automatically. All through the Qonto app. Just take a photo of a receipt with your phone and upload it. It takes both the paper and the work out of paperwork.
Get your whole team on board
If your colleagues and employees join you in the automation process, that multiplies the time and focus you can save. Give your team members the opportunity to upload photos of their receipts to the app. All they need to do is input the rate and amount of VAT. If you have a Smart or Essential subscription, they won’t even need to do that, as the VAT will be detected automatically as soon as the receipt has been uploaded. As the account administrator, you approve the transaction and the expense is added neatly into your records.
There’s also no need to worry about compliance: the digital receipts and other documents storied in your account carry the same legal weight as their paper counterparts.
Focus on your business, let Qonto sweat the admin
With your bookkeeping documents stored safely, you can also filter, organize and monitor all your spending items thanks to custom labels. Travel expenses, IT expenses, office supplies, meal expenses...you decide on the categories according to the needs of your business. This way, you can quickly search for any given transaction in a few seconds from your desk, rather than having to dig around for those pesky paper slips.
Making your expenses easier to track will in turn make them easier to analyze, giving you granular visibility over your company spend and, when it’s time to do your bookkeeping, you can have everything prepared and ready to export.
That means more time and focus for you to invest in what really matters to your business.
Request missing receipts in a click
Human error cannot be eliminated completely and you may still find some colleagues forget to attach their receipts to their purchases via the Qonto app. What automation can do, however, is speed up the process of sending reminders: you’ll be able to give staff a gentle nudge with just one click so that they upload their proof of purchase to the relevant transaction.
For electronic receipts and invoices, the procedure takes even less of your time: just transfer digital documents to Qonto by email and we’ll match them automatically to the corresponding purchase.
We know that business owners and accountants have their own favorite accounting software, which is why Qonto can be integrated with over 80 accounting tools. All of your account data, your VAT and your receipts can be exported from Qonto to these tools in an instant. This takes the time and effort out of account reconciliation, a fact that’s sure to put a smile on the face of your accountant.