David Perlock of The Velocity Partners: It’s easier than you think to go paperless for 2018

Make a Resolution to go Paperless

Welcome to the second week of the new year!  Kids are back to school in Muskoka and business owners are fully back in “work mode”. Many are realizing it’s tax time and are starting to collect and sort piles of receipts found strewn about desks, in trucks, and around their offices.

The Burden Of Paper

Business owners with piles of accounting documents often feel overwhelmed. Those less organized might even say to themselves “I promised last year I wouldn’t do this – but I did it again!”. The key to not doing it again for 2018 is to get organized now.  Better yet – let’s go paperless as we do so! Let me show you how easy it is to go paperless. In my case, I use software known as HubDoc.

Picture Your Paperless World

After a morning of work you open your accounting system and create an invoice, then email it to your customer. You step out for a business lunch, paying by credit card and receiving a paper receipt. Once back at your office, you pull out your phone. You snap a picture of the receipt with an app and send it to HubDoc which stores the picture. You throw out the paper copy.

You open your email and find an invoice from a vendor. You look up your personalized HubDoc contact in your address book and forward the invoice. HubDoc automatically receives and stores the image.

Stop Chasing Online Bills & Statements

Do you find yourself logging into multiple online sites to download bills and statements? There’s no need to do that anymore! HubDoc can be configured to automatically fetch online bills and statements from over 700 vendors for you! Goodbye paper hydro bills and credit card statements!

Bonus – Bookkeeping Becomes A Breeze

Coupled with the right accounting software, HubDoc will extract key information from your receipts, invoices, and bills and pass that information directly into your accounting system. No more data entry. No more filing.

Meanwhile, your accounting software can import your bank and credit card statements. Systems like QuickBooks Online recognize paperless transactions from HubDoc and attempts to match them to your statements. Instead of tediously entering data, you or your bookkeeper are now simply reconciling your accounts by accepting or altering matched transactions.

“But Don’t I Need The Paper If Audited?”

The Canada Revenue Agency mandates that you keep proof of business transactions such as receipts and invoices for a specified period of time and provide them if requested. However they don’t physically need a paper copy – scanned documents provide sufficient proof! Plus you can always reprint them from HubDoc if needed.

I’d suggest that receipts are actually more audit-proof when stored electronically. How many times do you look at a past receipt, realizing it washed out and became unrecognizable?

Your Digital Filing Cabinet In the Cloud

Poor internet is a hot topic in Muskoka. But often people fail to realize how powerful phones and tablets are for business purposes. The tools I use fully interact with cellular technology.

You can scan and send receipts, forward emailed documents, view and reconcile transactions, and view financial reports – all from your phone! Or you can do it from a tablet in front of your TV at 10 o’clock at night if that’s what suits you.

Go Paperless For Less Than A Small Daily Coffee

Using paperless technology for 2018 will automatically provide structure and make you more organized. Remove the burden of paper and reduce your stress! I can show you how to make going paperless easy and inexpensive for your small business. In fact, it often costs nothing more after considering reduced bookkeeping costs – but without all the pain!

Meanwhile, bring me your paper for 2017 taxes! I’m ready to take on the pile with you and tackle it together.

You may also be interested in this article by David – Business tax season; Let’s tackle it together

Proper tax planning requires professional advice relative to an individual’s specific situation. Information presented in this column is general in nature and does not supercede any advice provided by a professional. If you have questions about small business or corporate tax, accounting software, or going paperless contact David Perlock of The Velocity Partners at 705.645.3459 or [email protected].  Learn more about HubDoc at www.hubdoc.com.

David Perlock, Principal Consultant & Small Business Tax Specialist, The Velocity Partners

Founder of The Velocity Partners ​David Perlock has been consulting with clients for over 20 years.  In that time he has worked with over 500 clients ranging from gas bars to airlines – independent contractors to home manufacturers – retail stores through wholesale distribution and manufacturers.   David attended Wilfrid Laurier University for business administration.  He is also a graduate of the University of Windsor (Commerce) and the Canadian Tax Academy.  David enjoys helping small businesses save money, defer tax, adopt technology and grow!
David W. Perlock, Principal Consultant & Small Business Tax Specialist, The Velocity Partners.
Direct – 705.645.3459
E-Mail – [email protected]