Aug 29 • General discussion
If you're a business owner, here's what it cost you
1. A bank statement isn’t enough. You literally have to prove every line item. Ask your tax advisor or CPA and look into their eyes.
2. They don’t tell you because the burden of proof is on you, the business owner. And if their clients sent them receipts for everything, they’d drown in them.
3. If you don’t scan receipts, you end up with bank transactions not supported by receipts. It creates EXCESSIVE stress, mess and clutter during tax season.
4. Not scanning receipts has a direct effect on your income after tax. Every receipt you miss is a deduction you lose.
5. Full transparency for your partners and clients. We have a production agency that tags receipts (like photo development) for client reimbursements. Before switching to ReceiptScanner.ai it was a mess, and once we even lost a receipt. It was a very awkward situation 🫠.
6. You stay in the pre-AI era and don’t use the full capacity available. It’s like choosing 70% accuracy versus 99.8%.
7. Not knowing all aspects of your expense breakdown creates a grey zone. (it costs $ you!)
8. How your team handles money. Do I need to explain the impact of transparency on culture?
9. Last but not least: you sacrifice peace of mind. You have to remember everything unless you use technology. The worst feeling is trying to recall what an expense was and why.
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If you're a business owner, here's what it cost you
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