4 Dad Jokes that Teach the Benefits of Using Digital Receipt Capture
"I used to be addicted to the hokey pokey. But then I turned myself around!"
Dad jokes were first referenced in 1987. Since then, they have increased in popularity across the world. As a dad of two, almost three children, it is my responsibility to fill my home with lame, witty jokes so that laughter fills our halls. But perhaps there are more to these jokes than just the stern look of disapproval my wife gives as I share one with the family – particularly when we are at a family gathering for dinner at her parents.
Please join me for my top four dad jokes that teach us the benefits of using digital receipt capture.
1. Want to hear a joke about paper? Never mind it’s tearable.
Paper, paper, paper. Paperwork is a business owners’ worst nightmare. Most people got into business to have the freedom to do what they love, not the nightmare of having to manage piles of invoices, receipts, and letters from CRA (Canada Revenue Agency). Although these are an important part of business, they don’t need to be painful.
Digital receipt capture allows business owners to take a picture of a receipt to submit, or email an invoice, directly into their accounting system. Imagine purchasing some business supplies at Costco. All you have to do now is take a picture of the receipt with your mobile phone, crumple up the receipt, and throw it in the garbage bin on your way out the door. This receipt is automatically sent to your accountant for processing. So, no more worrying about getting that phone call from your accountant asking you what the transaction from Costco that showed up on your MasterCard statement was for. No more storing bags and bags, or boxes and boxes of paperwork in your basement for seven years (thanks a lot CRA) – all the documents are stored safely, and securely on the cloud.
2. Son: “I’ll call you later!” Dad: “Don’t call me later, call me dad.”
Incomplete data is one of the biggest frustrations of a non-digital based accounting system. Once a month, or quarter your accountant may call and ask you to review your shareholder loan transactions to ensure that they’re accurate. You get a list of transactions that is cryptic, and you can’t really tell what the transactions are. With digital receipt capturing, a copy of every invoice is attached to each expense transaction in your accounting system. This means that you would be able to click and see the full details of every expense transaction as needed.
With digital receipt capture, you won’t need to call your accountant anymore and ask them about a transaction, as you will have the power, at your fingertips, to access that information for yourself!
3. I told my wife to embrace her mistakes; then she turned to me and gave me a big hug.
Traditional accounting requires a ton of data entry. Every invoice, receipt, and transaction must be coded into your accounting system. This is what everyone imagines their accountant doing – sitting at their desks, typing away, coding transitions to produce lovely financial statements for you. All this data entry is subject to human error – even as I write this article I will review it at least five times to make sure there are no mistakes.
Digital receipt capture software uses algorithms (fancy computer programming formulas) to analyze the information of the receipt that you either take a picture of or email into your accounting system. It pulls information like who the vendor is, the amount, the GST, basically all the relevant information! It then prepares a proposed journal entry based on the information and uses AI (artificial intelligence) to even suggest what account number the transaction will go to – all of this is editable of course. This removes a lot of the mistakes and human error that can occur when manually coding invoices.
4. What did the fisherman say to the magician? Pick a cod, any cod!
CRA audits are a very dull part of owning a business. Sooner or later, the CRA will come to do a random audit on your financial information. This can cause a significant amount of stress for most business owners. It’s not like you have anything to hide – it’s the stress of wondering where that box of records is located or hoping that the receipt for the random transaction that was made that they decide they want to look at isn’t missing.
Digital receipt capture software not only attaches receipts to journal entries – as noted previously – but also stores an easily searchable database of all the receipts and invoices. This takes all the stress out of those pesky CRA audits and makes them a breeze. Finding the receipts that they need is as easy as entering the vendor name into the search bar.
Be sure to connect with us today to tell us your favourite dad joke and to get set up using digital receipt capture to strengthen your business!