HOW NUMRECEIPT CAN MAKE YOUR BUSINESS MORE EFFICIENT

  

Blog mail screen image






Up until this point, we have focused primarily on how NumReceipt can help individuals and families with expense management.  But did you know NumReceipt offers great value for businesses, too? The app can be used as a Concur alternative - with a much lower price tag.  Today's post reviews the features employees and managers can use to simplify expense tracking and reporting.

NumReceipt makes it easy to track the expenses incurred during a specific trip or throughout the normal course of business.  Instead of collecting paper receipts. bringing them back to the office, and manually entering each expense into a spreadsheet, employees can scan and upload receipts within seconds using the OCR feature and then forget about them.  Users may also find it useful to scan business cards during conferences, where they're likely to meet many new contacts. At the end of each trip' travellers can use NumReceipt's online expense reporting instead of spending valuable time creating reports from scratch.

In addition to receipt organisation, employees and business owners can use the Business Miles feature to easily track distance driven with a built-in GPS and reimbursement calculator.  The user enters odometer information' and NumReceipt does the rest!.

NumReceipt's tools for business are wide-ranging, and this post only scratches the surface.  Your available options include robust profit and loss reporting, multiple currency support, QuickBooks integration, and more.  Please review a summary of the options for personal and small business below, and do not hesitate to contact sales@numreceipt.com to learn more.

PERSONAL / SELF-EMPLOYED

SMALL BUSINESS




About Author : 


Related



Startup: How To Outsmart Your Peers?

Startup

Competition is good and not just for startups. Competitors also keep your startup alive. There is a story about the Japanese fishing industry that wanted to provide fresh fish for their customers. The solution was to install a fish tank with a shark on boats. Read the Japanese fresh fish story here

Your peers help you stay alive in the business just as the shark in the story helped in keeping the fish fresh.




Learn from your Peers

Observe your peers. If you are not the first in the market, then you have the advantage of getting to study your competition closely. Their business, market strategy, branding, customers are all lessons that will help run your business. Watch carefully and learn. Make the changes that you think will make your startup unique. Sometimes a small twist to the existing business model can be the

game- changer.


Learn from the mistakes of your competitors

Failure is normal in any arena but in a startup, it could be the end of the road for your business, so the best option is to learn from the failures of your competitors. Use their mistakes as guiding blocks and avoid making the same follies your peers did. Look out for the opportunity your peers missed out on. Maybe they came in too early and missed out on something that you are just in time for. Always be alert to opportunities that your peers may have missed.


Make products that are way ahead of your competition

Your product has to be way ahead of the competition to be noticed. If your product is slightly better, the customers are likely to stick to your peers. You need to pull them out of their comfort zone and make them want to choose your product. If Facebook wasn't instantly more likable than its competition, chances are social media users would've still preferred its predecessor Orkut.


Customer is King

Ideas may be the basis of a startup but remember ideas are replaceable while customers are forever. Keep your customers happy, building a thriving long-term business relationship with your customers will always hold you in good stead. Satisfied customers also bring in new customers, they become your spokespeople. Treat your customers like they are the be-all and end-all for there is no business without customers. Customer service is as big an investment as the money you put in or the other resources invested.


Identify potential new markets

This is a sure-shot way to go one up on your peers. There is always an unexplored territory, untapped potential markets that if you can identify then you have the first-mover advantage that you can capitalize on. Another strategy that can be used is to identify a niche customer base and cater to them extensively.


Build on what's unique to your startup

Identify what is unique to your business. If there is something that sets your business apart from the rest of the competition, then build on it. It could be the way your business is modeled, the quality of the employees, access to experts or the experience and excellence of these experts. Instead of going head to head with a peer use this uniqueness to build your brand.


Marketing

How you market your product or service could be the difference needed to push your business into the next league. Try and avoid going into a marketing war with an existing product unless you have no other option like in the case of soft drink rival businesses Coca-cola and Pepsi. Startups are very unlikely to have that level of brand recall or loyalty. So, market your product or service differently, highlighting its unique virtues.

Another strategy is to raise maximum funds for your marketing. The more your marketing budget better the chances of increasing your brand value and brand recall thus improving the chances of your business succeeding provided it delivers as promised. Flooding the market with your ads will make it harder for newer competitors to seep into the market.

If you are the company that is entering an already saturated market, then offering something distinctive is the only way to market yourself.


Planning and Execution

Planning is of utmost importance in any business but in a startup, since you are building something ground up, it becomes even more relevant. Plan every single thing to the last detail brainstorming and analyzing every idea. Sure, things may not always go as per plan but a deviation from the plan is far easier to manage than an absence of one.

Execution of plans is of foremost importance. You need a team that is capable of executing business ideas. Even the best-laid plans fail on inefficient execution. In the case of a startup rapid prototyping, user testing, market validation helps convert ideas into results. This conversion from an idea into a result is possible only if your management team is capable.




People are Important

The quality of your employees can be the make or break for your startup. Employees that share your vision, are constantly motivated and are willing to make the necessary sacrifices without dwelling in negativity and are good at what they do will always be an asset to your startup and be the big difference between you and your peers.


Constant innovation

In an ever-changing market, constant innovation is the only way to stay ahead. A recent example is that of social media platforms for sharing pictures - Snapchat and Instagram both of which have managed to survive despite being competitors. However, Instagram managed to get a leg up when it changed things around incorporating some of Snapchat's winning features.

Your product or service may be very successful, but it doesn't take very long to be left behind if you do not observe the market, identify areas for growth and innovate constantly.

However unique your idea, however you position your product, competition is inevitable. Instead of running from your peers, finding ways to outsmart them is the way to go.





NUMRECEIPT – TAX BUDDY

ARE YOU READY FOR THE BUDDY CHALLENGE?

Hello everyone,

My name is NumReceipt - your TAX BUDDY - to be by your side and remind you of all your receipts that can be produced for a tax refund.When you really do not know where to start, taking help from a friend is always a good beginning.I am sure you are curious to know about my challenge. Well, be my buddy and never lose another receipt for years to come!

Wondering How NumReceipt-Tax Buddy can help you?

We have all been there. None of us can deny that we have never procrastinated a daunting task that needs to be accomplished eventually. The closer we get to the deadline, the tension mounts and we start to feel the pressure. Here are ways NumReceipt- Tax Buddy can help you as the 15th of March is slowly approaching!


• Categorize your receipts

• Manage multiple business in a single account.

• Breakout the individual purchases in the receipts to different categories.

• You can even track your business miles.

It’s time again – to get over that ‘Catch-22’ situation! Let’s do it together!


“I truly empathise with you!” - NumReceipt

With the deadline to file taxes slowly approaching, you leave no stone unturned and scrutinise every excel file, records, emails and desks of your office cabin to collect all those receipts from inventory, value of assets, advertising expenses, customer relationship costs that includes taking your client for lunch, educational expenses, transport and travel expenses on your business-related trips, charitable contributions, rent receipts of your business establishments, and any other expenditure that might help you improve your chances of getting a refund.It is obviously a herculean task to keep track of every penny spent throughout the year. We always have sound advice from experts who encourage and motivate us to make it a habit to save receipts and organise them for easy access in the future. Unfortunately, the diligence with which a plan was chalked out to retain every receipt would have certainly lost its course of adherence - much like most of New Year's resolution to work out every day or give up spending time on social media/TV.

According to the IRS , good records can increase the likelihood of business success, prepare tax return and support items reported on your tax returns.

What can you do?

To save more of your hard-earned money, download your tax-buddy (NumReceipt app), a user-friendly app at your disposal to keep your personal as well as business receipts, collecting all the relevant data and assessing your annual spending accurately, generating reports as per your needs.Instead of searching and ransacking every nook and corner, a digital space to organise and save your data for years to come is just a click away.


Chat with me or mail me support@numreceipt.com to get solutions to manage and control your expenses as well as organise your receipts – to instantly retrieve it.



After all, the last thing you want is to receive penalty notices, so the first baby-step you ought to take is to hold on to my hand (download me - NumReceipt) and give me a brisk handshake! – And we shall work together. All I want from you is less than 60 seconds every day. Just keep me updated with your receipts and forget about them. – The rest is my duty dear friend, from tracking your expenses to saving your receipts!


Use NumReceipt (Tax Buddy)  today and Look forward to the 15th of March forever!




METHODS OF MEASURING BUSINESS SUCCESS

When you start a business, there is always a result you are looking for, a result that can bring success and empowerment, isn't it? Well, success comes after a detailed approach to business strategy and planning. As an investor in a business, whether it's a small business or a well-established firm, you are only looking for a success that never ends.

What is a business plan?

Creating a business strategy is a method of collecting and planning useful information and it is the key for every business to become a money spinner.


A business always wants desired growth and positive results. Making a workable business plan depends on many important factors. The below mentioned metrics help in business evaluation and keep you updated with the progress in your growth.

BEP - Start calculating the break-even point for your business. This can help in evaluating total spend vs total revenue earned.

Sales Metrics - This will help in measuring overall company's sales performance and customer reach

Leads Conversion – Lead generation will help in calculating company's growth and profit

Profit Ratio - This will help in calculating the total income generated

Customer Ratio - This is an important metric that every business needs to know. Customer ratio creates a visibility for your brand and helps in improving your reputation

Employee Metrics - Employees are the pillars of an organization. Employee satisfaction is directly proportional to business success

Growth - A business is said to grow, only when it has a control over its finances. Keeping finances under control plays a very important role in determining business aspirations.

Why is expense tracking important for a business?

A business that doesn't track expenses full well, will never see a continued growth, says statistics. Having said that, keeping a tab on your business expenses is not a simple task.

Tracking every business expense is the crucial part of a business. When this is done right, everything will fall into place. The best and the simplest way to do this is to try an expense tracker app like NumReceipt.

NumReceipt is an expense tracking app designed to manage your business expenses easily by storing all your receipts in one place. NumReceipt plays a major role in supporting a business and helping to achieve the desired goal.

Best apps can make best business, having extra-ordinary evaluations and reports around your business can lead to incomparable results than the competitors.

Visit https://www.numreceipt.com/numr/open/loginUI#MobileApp to install the app!








Comments

















DOWNLOAD THE APP

For Everyone who pushed or clicked a shopping cart




Android demo image