Receipt scanning is one of the most well-known methods used in today’s economy to provide clear evidence of rental payments. All expenses related to rental property (mortgage, taxes, insurance, utilities) can be easily verified with a receipt scan and with an app for scanning receipts.
Accordingly, this is a high-yield method of gaining extra cash for your landlord and it will also help you avoid any potential disputes down the line. It is important for landlords to make these records available so that they are prepared if an issue arises at the property later on.
The process is very simple; simply visit Better Capital and enter your details into their online platform. You will receive a one-off package in the mail and after that, it’s as easy as scanning your receipts and scanning them back into Better Capital’s servers.
This may seem like a hassle that you don’t need with your busy work schedule, but this is a great way to get yourself ahead of the competition. When compared to other businesses out there, especially other landlords, you are ensuring that your properties are getting maximum profit.
With a building portfolio of several properties, you will be able to see how these scans have contributed to their current value over time. This will allow you to make financial decisions to improve your properties and gain more profit.
Despite the fact that these simple techniques are still used today, they aren’t perfect. You’ll need to ensure that you know the policy and procedures of your particular building, as well as the requirements for their respective management company. This is a necessary step in order to make sure your finance team is aware of any instructions for this transaction.
If an issue arises with a property, such as a tenant moving out without warning or finding a vandal in one of the rooms, your management team will be able to link this information back to specific receipts and properties. They will be able to find the information quickly and verify it using a receipt scanner.
Better Capital’s receipt scanning service is an absolute necessity for any seasoned landlord; you can expect to make more money from rent and reduce the chance of disputes that may come up in the future.
Why Bother Scanning Your Receipts?
Rental Receipts are documents that landlords too often ignore. The fact of the matter is that they are essential tools for documenting expenses and income associated with your rental properties.
The problem is that it can be a hassle to scan receipts on a regular basis, as you need to ensure you have copies on hand at all times. You may not even have a scanner in the first place, but when you combine this with the effort needed to go back through each one of these documents each month and update your records, it becomes a hassle.
In some situations, tenants may contest your rent or utility bills. If the copy of a rental receipt you included in your records is not available for them to examine, then it doesn't matter how much proof you have when it comes to defending yourself.
With the Receipt Scanning add-on, you can easily upload and store credit card transactions via SMS text message. This is especially useful if you have several rentals, as you can keep the receipts and information for each property up to date all at once.
Another benefit of this (app for scanning receipts) add-on is that it also enables you to take advantage of simple and low-cost technology, like Bluetooth receipt scanners. With access to these sophisticated and expensive models, you can save a substantial amount of money by choosing simpler, lower-cost alternatives.
With Receipt Scanning activated, you will also be able to view customer ratings and use our app to track your transactions automatically via GPS. This means that regardless of where you are located or your internet connection, you can manage your properties and even check up on them from a mobile device.
It's important to note that receipts are only part of the picture when it comes to successful property management and rental income generating. Making sure that you've got everything covered will allow you to focus on what is most important to your business, which is expanding and making more money.
Receipt Scanning for Rental Properties
Getting off to a good start with your management company is the first step towards making more money within your business. It's imperative that you get in touch with them and let them know what you're looking for in a management company. Make sure that the company will come to your property and inspect it before they sign any contracts with you. You don't want them signing contracts with something they cannot legally do, so it's a best practice to ensure this before they even get started.
After the agreement is complete, you will be able to start organizing your financial and administrative processes with them. You will also want to make sure that they have a good system in place for reporting your expenses and income. For tenants, make sure they understand the financial processes that go along with their tenancy in order to avoid any disputes down the line.
Rental Receipt Scanning Projects Benefits This is an affordable and simple method of securing all your records by scanning your receipts. Once you scan and upload them into the management company's software, then you'll be able to keep track of everything as it happens, for as long as you choose to use this add-on service.
The process is simple, and you can even scan your receipts when you are on the go, thanks to the mobile app available for download. If you have a lot of properties under your care, then this service is for you. It's simple enough that tracking expenses and income from one property will only take a few seconds once your receipt has been scanned. Once it's uploaded, it will show up in your account almost instantly.
This is a wonderful method of organizing anything that may come up in the future regarding rent or utilities on any of your properties. This way, you can be prepared to fight any sort of dispute regarding these particular areas of concern.
The added benefits of this service are that it’s a lot faster than manually looking back through all the receipts to see if they’re accurate. You can also get rid of clutter and quickly organize everything in a way that makes it easy for you to follow up on any issues.
For example, one client had a tenant who would just disappear for months at a time without notice. They knew that the tenant was housed somewhere, but they couldn't find them, and they ended up losing quite a bit of money. The receipt search service found the tenant in under two days, so all renters can be found and tracked down easily via GPS if needed.
The Receipt Scanning software also has storage space for any documents that may be important to your business. You can store receipts, documents, and other important information in a special area where it will not be deleted or lost easily. This is quite a bit different from just storing your documents within a program on your PC or mobile device because you will not have to worry about the original files being deleted accidentally.
This is a priceless service for anyone who owns rental properties and lets them out to tenants. It's simple enough that you can manage everything without having to spend hours digging through mountains of receipts and paperwork trying to find what you're looking for.
Receipt Scanning for Contractors
Having a vendor for all your services and materials is a great way to save money, and get exactly what you need when you need it. Not only are you able to ensure that you're getting exactly what you pay for, but the service provider will also be able to show you exactly where your money is going. That's not even the best part. With Receipt Scanning add-on activated, this will allow the vendor to have access to your records as well. Once they've scanned their invoice or receipt and uploaded it into your Receipt Scanning storage area, it will show up in their records automatically, so both of you can view it at any time.
For more information, you can visit Real Estate Calculators.
