Effortlessly Expense Every Eligible Dollar 🧾

Come tax time, a shoebox full of crumpled receipts triggers anxiety, headaches, and pre-empts sub-optimal expense deductions. 

Luckily, Parpera’s seamless mobile money management app equips small businesses to efficiently expense every eligible dollar automatically — no filing fiascos. 🙌

Read on as we detail how to manage your small business’s receipts. 💵

Every Receipt Matters

Tracking tax deductible transactions sounds straightforward...until year-end analysis paralysis from disjointed data hits. 

Make sure you:

💳 Log supplier information

📝 Capture itemised descriptions

🏷️ Note transaction dates

Even if your income is projected to be within tax-free thresholds, stay receipt disciplined.

7 Years Of Records For Returns

Wondering what timeline the Australian Taxation Office mandates for maintaining money trails?

🚚 Personal purchase evidence - 5 years

🏢 Business expense evidence - 7 years

3 Smart Storage Strategies

So what receipt retention methods should you consider? 

We break down the options:

📲 myDeductions Roundup

🔺 Free ATO-provided platform

🔻 Limited functionality

📱 Parpera’s Integrated Solution

🔺 Automatic centralisation

🔺 Effortless exporting

Our mobile-first money management app instantly centralises expense documentation from cards and bank feeds. Come tax time, export comprehensive reports in seconds! 💥

5 Deduction Categories Demanding Documents

Unsure what demands documentation? 

Log everything tied to:

✈️ Travel

🚘 Vehicle use

👔 Work clothing & protective gear

🛍️ Instant asset purchases

🧾 Inventory

Cover all categories credibly, even if thresholds don’t require formal receipts. Sign up with Parpera now to automatically capture expenses from the get-go!

Owe Suppliers Over $75? Issue Receipts!

The diligence knife cuts both ways for small businesses. When selling goods or services, you must supply signed sales slips to customers for outlays exceeding $75.

Squirrel away your own copies outlining:

🏷️ Vendor details

💰 Sale value

📦 Items purchased

🗓️ Transaction date

Even under the threshold, provide evidence if requested within 7 days.

In summary, maintaining meticulous financial records ranks low on the list of entrepreneurial endeavors, but creates costly complications if neglected.

Parpera presents the ultimate receipt wrangling remedy - our intelligent integrated accounting app tracks, codes, and stores every tax-ready transaction seamlessly so you can focus on fueling phenomenal growth all year and effortlessly managing your taxes and deductions come filing season! 🚀

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Published on the
January 19, 2024
Small businesses

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