Be That Business Newsletter #25: 5 Digitization Hacks for your business!

The benefits of going digital are numerous! No paper to store! Efficient Collaboration with your bookkeeper! Cloud backup of supporting documents. Automation benefits. And, have you ever tried saying "Ctrl+F" to your file box, or while looking at a bank statement? Doesn't work in IRL.
My Favorite Business Hacks for this newsletter are all about digitizing your paperwork so that you can share it, use it, search it, and automate it! Work Smarter, Not Harder!
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5 Business Hacks on Digitization:

1. Use a "Fetching" app to pull from your larger vendors: Apps like Dext can log on to a long list of vendors and 'fetch' the bills for you, done and done! It even connects to Amazon Business! And you can also forward bills sent via emails that get sent to you (think autoforward for certain from addresses!), and you can also upload photos with the app from your phone! Many apps like Dext also can be synced with your bookkeeping software! And even they can automate some of the bill entries for you! When you use apps like these, the digital paperwork is then attached to the bookkeeping entry!
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2. Create an "Accounting" email: Create an email like "[email protected]" or "[email protected]" and set that up to be the email vendors send their bills to. I don't usually suggest this as long term storage, but, it can be used to forward the bills to your app of choice, and avoids your 'action email' account being filled with a deluge of emails. Added bonus; if you have an office manager or an outsourced bookkeeper, they can have access to this email account! And it can also be used to create online logins to vendor accounts so that your record keeper has access and can jump through the TFA emails without needing to coordinate with you and your email. Delegate! Use your team and free up your time! (Beware the risk with this one... there are scammers who know accounting@businessname type accounts exist, and send in fraudulent "Invoices".  Make sure your business has proper procedures in place to not be duped like this!) 
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3. Ask the Retailer if they can email the receipt to you: Did you know that retailers are beginning to offer digital receipts? Many self checkouts now ask "Did you want the receipt emailed?" (such as Shoppers, Home Depot, Staples, and more!). Say YES! Start asking the person at the checkout register if having the receipt emailed is an option when you check out from a store. (Be aware: some receipts don't say what was purchased or the tax, depending on how the seller set up their machine, and so these receipts are not actually receipts that can be used as support).
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4. Don't rely on email or suppliers to keep the paperwork: If you are audited by CRA, it will not be within 12 months of the receipt date. Let's say you buy something in July. You don't file your taxes until April the next year. Then CRA has to assess it. If pulled for an audit, it can take 3 to 12 months for an auditor to be assigned. You will be looking for paperwork that is 2 to 5 years old! I have supported many CRA audits, and let me tell you, A) Many Utility Accounts only show you the past 12 months of Bills (go see if you can get one from 3 years ago right now...) B) Most banks and credit cards also do not have access to over a year or two ago. And if you request old statements they will charge you, and half the time the reprints are not digitized and are difficult to use. C) Vendors go out of business, or change their accounting software, and asking for reprints that old usually only has a 50% success rate. D) Clients have had issues trying to find source documents from so far back in the emails for many various reasons. SO, all that being said, you need to keep your own digital copies somewhere and somehow.
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5. Set up the IRL processes to get the flow going: It can take a bit of front end work, but this is Time Well Invested! Start by taking an inventory of your most often used suppliers, and list out if they are accessible by app automation (are they on the list of fetchables with your app of choice?), if they are hand written, if they can be emailed by the vendor automatically, do you have a 'record keeper login' (#2 hack above), are the payments automated (as per my July 2021 Newsletter hacks). Update this list as you successfully get the IRL process going. Make your processes as easy and touch-free as possible, but change the process if it's not working for you. Maybe you prefer to keep a digital folder for each month of the year, and just save to the digital folder. (You can have these folders backed up to Dropbox, Google Drive, or OneDrive, etc.). You can still then just dump the entire contents into your app that syncs with the bookkeeping at the end of each month using the upload from computer option! Whatever you choose, make it fit with you and what you know you'll keep going.​
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Intentional decisions to set up systems to track your paperwork automatically FOR YOU will pay dividends as your business grows! Especially if you are ever audited! Let's Get Digital, Digital!

​Let's Get Digital, Digtal!: Let me tell you about the Rabbithole I just went through for this month's newsletter! I was looking for a meme to add to this newsletter because the phrase "Let's Get Digital, Digital" kept playing through my head! I found this AMAZING video "Let's Get Digital!" from German Bank Volksbank about digitizing! It is hilarious! If you need a lift, here ya go! (And afterwards, ya gotta re-watch Olivia Newton-John's "Let's Get Physical"!)

What are your personal tips and tricks for creating efficient processes? I'd love to share them in an upcoming newsletter, and give a shout out to your business!

Be Intentional Today!
Get out there, and Be That Business That Thrives!




Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While we have tried to ensure the accuracy of the information in this article, we accept no liability for errors or omissions.