Keeping card reader receipts
Posted: February 19th, 2021, 11:27 am
Hi,
We are about to take over a local business which turns over about 500,000 a year, two thirds of which is card payments.
The current owner has been taking me through his processes, which involve, among other things, keeping all the card machine printouts for the day, along with the till report, and card machine summary in an envelope. He files the envelope in a box for each year, so has multiple boxes, each with 365 (or 366!) envelopes with all the paperwork for the day. He summarises the daily figures into a spreadsheet which the accountant then uses for VAT returns. The Accountant also keeps all the boxes of paperwork (and charges for the privilege).
It strikes me that there must be a better way of doing things - I see a lot of adverts on the tv for packages like Zero and Quickbooks promising paperless accounts.
The current system uses Worldpay, with an Ingenico handset.
Does anyone know if it is a requirement that we keep the transactions slips. If so, can the Worldpay system not give, say, a PDF end of day report which lists all the info from the days transactions. Or, if not, do any of the alternatives like iZettle or Sumup, do something like this?
Any help much appreciated.
Thanks
StepOne
We are about to take over a local business which turns over about 500,000 a year, two thirds of which is card payments.
The current owner has been taking me through his processes, which involve, among other things, keeping all the card machine printouts for the day, along with the till report, and card machine summary in an envelope. He files the envelope in a box for each year, so has multiple boxes, each with 365 (or 366!) envelopes with all the paperwork for the day. He summarises the daily figures into a spreadsheet which the accountant then uses for VAT returns. The Accountant also keeps all the boxes of paperwork (and charges for the privilege).
It strikes me that there must be a better way of doing things - I see a lot of adverts on the tv for packages like Zero and Quickbooks promising paperless accounts.
The current system uses Worldpay, with an Ingenico handset.
Does anyone know if it is a requirement that we keep the transactions slips. If so, can the Worldpay system not give, say, a PDF end of day report which lists all the info from the days transactions. Or, if not, do any of the alternatives like iZettle or Sumup, do something like this?
Any help much appreciated.
Thanks
StepOne