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The government's proposal to abolish the requirement to keep paper records for accounting information has now been approved, something that has been eagerly awaited! The administrative burden should now decrease, allowing for more valuable efforts for your business. Therefore, it is also time for companies to review how receipts can be digitized. Azets Expense, a system for expenses and travel claims, simplifies and automates the process.
What Does the Decision Mean?
From July 1, 2024, companies will not need to keep paper records that serve as a basis for accounting information in their physical form (even if they are the original documents). They can instead be saved as digital records.
Digitizing a physical document (such as a paper receipt) can be done by scanning or photographing it. The requirements for the digital record are that it cannot be altered or disappear in any way.
The new rules can also be applied retroactively, i.e., to records before July 1, 2024. However, this requires that the records also meet the new requirements that they cannot be altered or disappear, so ensure this before you decide to discard your current physical records.
How Does It Work in Practice?
Commonly, an employee makes a purchase on behalf of the company, perhaps paying for Friday's coffee, and the employee gets reimbursed through an expense report where the receipt is attached. In these cases, the receipt can now be transferred digitally and saved along with the expense report. Digitizing at the time of payment reduces the risk of having to search for that receipt that was put somewhere safe when it's time to file the expense report.
It's also common with expenses related to entertainment. There, it's important that you, as before, document in your travel expense system all types of data required for it to be a valid deduction, such as the names of participants at the event. This is not a change in itself—just ensuring that all expense details are included in the system.
The change and the opportunity mean that many companies need to review their internal routines for handling expenses and receipts so that no one hastily decides to throw away the
receipt. It may be relevant to have a communicated structure for where to save records and how to name files depending on your internal processes and system support for them.
Azets Expense – A Solution for You?
With the Azets Expense app, you can swiftly and easily digitize your physical receipts for travel expenses and outlays. Azets Expense automatically analyzes the receipt, requiring only receipt review and approval, which can be done directly in the app on mobile or computer. As most steps are automated, the risk of manual errors decreases, resulting in reduced administration for you.
There's also the option to automatically link the corporate card to the system, making the process even more efficient and digital.
Need assistance digitizing your receipts or curious to see how Azets Expense works in practice? Contact us here!
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