I'm Jamie — Profit Strategist and Financial Literacy Coach.

tell me more...

Reading suggestions

Affordable Tech

Profit First: My Love/Hate Relationship

Hobby Loss Rule - Side Hustlers Beware

Banking

Receipt Tracking: Easy Expense Recording With Relay Banking

June 8, 2024

A chaotic pile of paper receipts spilling out of a leather container, representing the challenges of traditional expense tracking.

Discover how to simplify receipt tracking with Relay Banking’s new receipt capture functionality.

Tired of drowning in paper receipts and struggling to track expenses?

Explore the ways Relay can streamline your business finances, saving you time and money.

This in-depth guide explores the key features and benefits of Relay, providing step-by-step instructions on how to implement this powerful tool into your workflow.

Learn how to effortlessly digitize receipts, automate expense tracking, and gain valuable insights into your spending patterns.

Key takeaways:

  • Effortless Receipt Management: Say goodbye to shoeboxes full of receipts. Relay allows you to capture and store receipts digitally, making them easily searchable and accessible.
  • Automated Expense Tracking: Eliminate manual data entry and reduce errors. Relay automatically categorizes and tracks expenses, providing a clear overview of your financial health.
  • Actionable Insights: Gain a deeper understanding of your spending habits and identify areas for potential savings. Relay generates reports and analytics to help you make informed business decisions.
  • Integration with Accounting Software: Seamlessly connect Relay with your existing accounting tools, simplifying tax preparation and financial reporting.

Don’t let disorganized finances hold your business back!

Embrace Relay and unlock a new level of efficiency and control.

Introduction

Are you tired of sifting through piles of receipts when tax season rolls around?

Many business owners struggle with organizing their receipts, often storing them haphazardly in desk drawers, boxes, or even purses. If this sounds familiar, it’s time to streamline your receipt management.

Relay Banking Platform’s new receipt capture functionality offers an innovative solution to this common problem.

In this article, we’ll explore how Relay can simplify receipt management for both individuals and teams, ensuring you’re always prepared for tax season and potential audits.

What is Relay Banking?

a digital expense tracking tool showcasing organized financial data.

Relay Banking is a versatile banking platform designed to meet the needs of modern businesses.

It allows users to open multiple accounts, making it easy to manage different aspects of their finances, such as saving for taxes or allocating funds to specific employees.

Relay is known for its user-friendly interface and is the only Profit First certified bank, making it a popular choice among small business owners.

Why Relay is Awesome: Multiple Account Functionality and More

Relay’s multiple account feature offers unparalleled convenience and control over your finances. Here’s how this functionality can benefit your business:

1. Separate Accounts for Different Purposes

With Relay, you can create multiple bank accounts under a single login, allowing you to allocate funds for various purposes such as:

  • Tax Savings Account: Set aside funds specifically for tax liabilities, ensuring you’re prepared when tax season arrives.
  • Operating Expenses Account: Keep day-to-day business expenses separate, simplifying financial tracking and management.
  • Business Savings Account: Build a financial cushion for future investments or emergencies.

2. Enhanced Financial Management

The ability to open multiple accounts simplifies financial management and enhances transparency. Each account can be used for specific purposes, making it easier to monitor spending and maintain financial discipline.

3. Easy Access and Control

Relay provides an intuitive online banking platform that makes it easy to manage all your accounts in one place. You can transfer funds between accounts, set up automatic transfers, and monitor your balances and transactions with ease.

4. Collaborative Features

Grant access to specific accounts to your employees or team members with customizable permissions, enhancing teamwork and accountability.

5. Profit First Certified Bank

Relay supports the Profit First methodology, helping businesses prioritize profit by allocating funds into different accounts. This certification ensures Relay’s features are aligned with maintaining profitability and financial health.

For a detailed look at all of Relay’s features and a demo of what Relay looks like as a user, check out my video all about Why I switched to Relay Banking

The New Receipt Capture Functionality

A smartphone scanning a receipt using a receipt scanner app, or a screenshot of a receipt scanner app interface displaying captured receipt data.

Relay’s newest feature is the receipt capture functionality, which is a game-changer for businesses of all sizes by leveraging receipt scanner apps.

This feature allows you to collect and organize receipts in real-time, ensuring you have all the necessary documentation for tax purposes and audits.

Using scanned receipts for tax purposes and audits offers numerous benefits, including verifying the accuracy of extracted data, ensuring IRS acceptance, and providing secure storage and protection of scanned documents.

Here’s how it works:

Real-Time Receipt Collection

With Relay’s receipt capture, you can instantly capture receipts as you spend.

When you use your debit card, Relay sends you a text prompt to remind you to take a picture of your receipt, ensuring that your receipt data is digitized and organized efficiently.

This image is then automatically linked to the corresponding expense in your Relay account.

Handling Electronic and Paper Receipts

In today’s digital age, many business receipts are sent electronically via email. Relay has a solution for this as well. You can forward these electronic receipts to a designated email address provided by Relay, which then auto-matches the receipt to the relevant expense in your account.

Free and User-Friendly

One of the standout features of Relay’s receipt capture is that it is completely free. Many accounting platforms offer similar functionalities but often come with a monthly fee. Relay provides this service at no extra cost, helping you keep your finances organized without additional expenses.

Automatic Categorization

Relay’s system can read and match receipts to their corresponding expenses, significantly reducing the time and effort needed to create expense reports and organize receipts manually. This automation ensures that all your documentation is stored accurately and can be easily accessed when needed.

Setting Up Receipt Capture in Relay

 A collage of various receipt scanning apps, showcasing the diverse options available for digital receipt management.

Setting up the receipt capture functionality in Relay is straightforward.

Follow these steps to get started:

Step 1: Open a Relay Account

First, you need to open a Relay* account if you haven’t already. You can do this by visiting my partner link at jamietrull.com/relay and signing up.

Using this link, you’ll also receive an extra $50 once you deposit $100 into your account (for a limited time, deal subject to change).

Step 2: Navigate to Receipt Capture

Once you activate your account, log in and navigate to the “Cards” section on the left-hand side of the dashboard.

Under this section, you’ll find the “Receipts” subcategory. Click on it to access the receipt capture settings.

Step 3: Set Up Your Policy

Here, you can set up your internal receipt capture policy. Decide how often you want reminders for receipts. For example, every time an expense is made. Or only for expenses over a certain amount. You can also create an expense forwarding mailbox for electronic receipts.

Relay screenshot: How Do you Want to Collect Receipts?

Step 4: Start Capturing Receipts

With your policy in place, start capturing receipts using the text prompt feature or by forwarding electronic receipts to your designated mailbox. Relay will handle the rest, organizing and auto-matching receipts to the appropriate expenses.

Forward Receipts To Your Receipt Inbox with Relay (Screenshot of Interface!)

Benefits of Using Relay for Expense Tracking and Receipt Management

A person staring at a stack of receipts and a pink calculator. She could be using a smartphone to scan a receipt for digital storage and expense tracking.

Using Relay for receipt management offers numerous benefits for business owners, including the ability to organize expenses into multiple expense reports.

Easily generate billable expense reports from scanned receipts, allowing for better organization by categories or projects. This feature is particularly beneficial for tax purposes and audits. It ensures accurately documented and easily accessible expenses.

Improved Organization

By having all your receipts automatically linked to your expenses, you can easily access and review your financial documentation. This organization reduces the stress of preparing for tax season and ensures you have all the necessary information for audits.

Time Savings

The automated features of Relay’s receipt capture save you significant time. Time potentially spentmanually organizing receipts. This efficiency allows you to focus more on growing your business.

Cost-Effective Solution

Unlike other platforms that charge a monthly fee for similar functionalities, Relay offers its receipt capture service for free. This cost-effective solution helps you maintain organized records without incurring additional expenses.

Enhanced Accuracy for Tax Season

Relay’s ability to auto-match receipts to expenses reduces the risk of errors in your financial documentation. This accuracy is crucial for maintaining reliable records and ensuring compliance with tax regulations.

Real-Life Applications of Relay’s Receipt Capture for Business Expenses

A calendar with expense categories marked, illustrating the importance of expense tracking for financial management.

Use Relay’s versatile receipt capture functionality for various types of businesses to scan, organize, and manage business receipts. Here are a few examples:

Using scanned receipts for tax purposes and audits ensures the accuracy of extracted data and provides secure storage. This functionality also helps in verifying IRS acceptance of scanned receipts, making tax season less stressful.

Solopreneurs

For solopreneurs, keeping track of receipts can be challenging. Relay simplifies this process by providing a single platform. Organize all receipts and expenses automatically. This organization ensures solopreneurs can easily manage their finances and focus on their core business activities.

Small Businesses with Employees

Small businesses with employees often struggle with managing expense reports. Relay’s receipt capture functionality eliminates the need for traditional expense reports. Employees can simply take pictures of their receipts.

The receipts then automatically link to relevant expenses in the Relay account. This process streamlines expense management and reduces administrative overhead.

Remote Teams

Remote teams can benefit greatly from Relay’s receipt capture. With team members spread across different locations, collecting and organizing receipts can be a logistical nightmare. Relay’s system allows remote employees to forward electronic receipts or use the text prompt feature to capture receipts in real-time. This centralized system ensures organized, efficient storage of all receipts. Regardless of location of team members.

Detailed Walkthrough of Relay’s Receipt Capture

a person comparing app interfaces, highlighting the variety of digital tools available for efficient receipt organization and expense tracking.

For a more hands-on look at how to set up and use Relay’s receipt capture functionality, check out this video by Jamie Trull:

How to capture and manage receipts (Relay Banking Tutorial)

Conclusion

Relay Banking’s new receipt capture functionality offers a powerful solution for simplifying receipt management.

Whether you’re a solopreneur, a small business owner with employees, or part of a remote team, Relay provides the tools you need to stay organized and efficient.

By automating the receipt capture process and offering this service for free, Relay helps you save time, reduce errors, and ensure compliance with tax regulations.

Sign up for a Relay account today and take advantage of this innovative functionality to transform your receipt management process.

*Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
This blog is proudly sponsored by Relay Financial. However, all ideas and opinions expressed are entirely my own and are not influenced by any sponsorship arrangements. While Relay Financial has graciously supported this content, the views presented are genuine and independent. Out of respect for our viewers, we only collaborate with companies that we truly believe in. Thank you for watching and supporting the sponsors who make these videos possible.

FAQs

How do I sign up for a Relay account?

Visit https://jamietrull.com/relay to sign up for a Relay account. Use this link to receive an extra $50 after depositing $100 into your account (for a limited time, deal subject to change).

Is the receipt capture functionality really free?

Yes, Relay offers its receipt capture functionality completely free of charge. Your Relay account includes this service at no additional cost.

Can Relay handle electronic receipts?

Absolutely. You can forward electronic receipts to a designated email address provided by Relay. They system will automatically match the receipts to the relevant expenses in your account.

What happens if I forget to capture a receipt immediately?

Relay sends text prompts to remind you to capture receipts. If you forget, you can still manually add receipts later by taking a picture or forwarding electronic receipts.

Can Relay’s receipt capture be used for team expenses?

Yes, Relay designed its receipt capture functionality to work for both individual and team expenses. Employees can capture receipts in real-time. Find all receipts organized within the Relay account.

How does Relay ensure the accuracy of receipt matching?

Relay uses advanced technology to read and auto-match receipts to the corresponding expenses, ensuring high accuracy and reducing the risk of errors in your financial documentation.

I'm Jamie — Profit Strategist and Financial Literacy Coach.

tell me more...

Reading suggestions

Affordable Tech

Profit First: My Love/Hate Relationship

Hobby Loss Rule - Side Hustlers Beware