HOW TO ELIMINATE THE “SHOEBOX OF RECEIPTS” FOR YOUR HORSE BUSINESS

Posted at 10:15 am on 02/19/2018

Every farrier, trainer, farm owner, etc., has areas in which they are strong and areas in which they could use some help, or learn more skills to improve their business. Receipt management is one area in which all businesses struggle. The good news is that technology has really come to bat for all businesses, horse businesses included, so things that used to be difficult are now very simple and secure. Today, with the use of a smart phone, "shoebox receipts" can become a thing of the past.

Do you do all of your bookkeeping by hand, or does your horse business utilize bookkeeping programs like Quickbooks Online, Xero, or another program? Regardless of how your bookkeeping gets done, receipt management programs such as Hubdoc can end the constant struggle of having to keep the paper receipts from customers, hay, shavings, new shoes, whatever. The fantastic benefit to your business is that digital records can be kept "in the cloud" so you securely have records for tax time. This eliminates the need to always keep things from getting lost, together and filed.

So how does it work? You need to go to the app store and get the Hubdoc "app". Simply put it on your phone for free. There is a monthly subscription for your service, however, if you outsource your bookkeeping (recommended) then your bookkeeper may have this as part of the monthly service fee. If you don't have a bookkeeper then you just pay for the service yourself. Either way, from here it gets really easy.

Each time you get a receipt for something that you would normally have to save in your "shoebox", you can instead take a picture on your smartphone. Once you take the photo, Hubdoc offers the "USE PHOTO" or "RETAKE" options so you can confirm that you have taken the bill photo correctly. It is critical that the date, dollar amount and the vendor name are all visible and clear on the picture, or Hubdoc will not be able to retrieve the information. This receipt is then immediately sorted and available on Hubdoc for you to retrieve, or upload to either Quickbooks Online or Xero software, making it seamless. Hubdoc will also automatically create folders for reoccurring vendors.

Some items to be careful with are when your bookkeeping software, Quickbooks will often "double" the transaction. The Hubdoc receipt will be seen as a separate attachment from what the bank has uploaded, so you will need to be careful to use the correct item out of your bookkeeping to eliminate doubling your transactions in the bookkeeping software. Other than that, receipt keeping is done. Now when you or your bookkeeper need to send the information to your accountant, all of the needed receipts will already be "in the cloud" for easy retrieval.

If you have any more questions about Hubdoc, this link will show you all of the receipt upload options available https://hubdoc.zendesk.com/hc/en-us/articles/203368659-Best-Practice-Uploading-Receipts. Please contact me if you have any questions regarding your equine business. Other than that, trot on and happy receipt keeping!


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