Yes, it is that time again...
The annual madness surrounding the compilation of data and preparation of your business taxes.
CONSIDER A NEW (AND MUCH BETTER!) APPROACH
Sure, you can take your bag of receipts to your CPA like you always do to get your taxes done. Keep in mind that this approach very likely leads to the loss of critical tax deductions, since your CPA can't make heads or tails out of some of the information you've given them.
Or, you could simplify your life as well as that of your CPA by investing in a service like that offered by Shoeboxed.com.
AN OVERVIEW OF SHOEBOXED.COM
The Shoeboxed.com service is based on a very simple workflow (see the service in action on the video located on their home page):
- You gather your business receipts, put them in an envelope and send them off for scanning and processing (or, you can do your own scanning and categorization).
- The Shoeboxed data team scans and organizes your receipts
- You view your information online, print it, download it or send it to your CPA all nice and organized.
DOWNLOAD TO YOUR FAVORITE SOFTWARE
Once the data has been scanned and organized, you can download the reports into a number of different data formats, including:
- QuickBooks
- Quicken
- Excel
- CSV
- Freshbooks
- Bill.com and others
CAPTURE INFORMATION ON YOUR MOBILE PHONE
Shoeboxed.com gives you the ability to snap a picture of your receipt and get it added to your account with ease.
They also offer free iPhone apps for business card and receipt scanning.
PRICING
Shoeboxed.com offers the following pricing:
- Free trial for 30 days
- A "DIY" plan at no cost
- Lite plan - $9.95 per month
- Classic plan - $29.95 per month
- Business plan - $49.95 per month
Annual plans are also offered that provide additional discounts
Each plan has a different set of features and benefits, so be sure to assess which option best suits the needs of your business.
Multi-user accounts (for accountants, CPAs and corporate workgroups) are also available.
THE KEY BENEFITS
Shoeboxed.com can help your business in two critical ways:
- Allows you to be FAR more organized and up to date DURING the year. Having information about the expense trends of your business during the year is essential to managing your finances.
- Allows your CPA to spend a LOT MORE value-added time and thought on the best ways to minimize your taxes instead of the time they currently waste just sorting out the mess you give them each year (right about April 13th...)
Are you currently using Shoeboxed.com in your business? If so, drop us a note in the Comments section below to let everyone know how it is working out for you.
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Hi Scott
I never realised this sort of service existed,brilliant !
I travel alot and use a portable scanner that fits in my bag and does the job on the go.Its convenient and scans all my reciepts and stores them electronically.I have provided a link if this is of interest all the best Paul
Portable scanners
Posted by: Paul Tolhurst | September 15, 2011 at 02:50 AM