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Worse still than the shoebox is the tradesperson’s glovebox.Īctually, it’s probably unfair to single out tradies in this case, as there are plenty of other sole traders and small business owners with a stockpile of faded thermal paper tucked away in their car. The end result? Wasted time and, more importantly, wasted money.
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Worse, when it comes time to collate and compile all that information into a digital format, errors inevitably occur that cause the whole operation to take even longer than expected. This is the problem presented by ‘shoebox’ bookkeeping – the tried, tested and traditionalist’s method to small business recordkeeping. In turn, small business owners and their bookkeepers go into a frenzy of last-minute recordkeeping.Īnd unless the business owner has been taking photos or scans of their work-related receipts, transcribing the details of the purchases and filing all this away in a shareable database, then there’s probably a lot of work to be done. Introducing MYOB Capture for Essentials.Īs the days reach their shortest, accountants and the ATO alike ramp up their activity in a bid to process annual tax lodgements. This next-gen solution to an age-old problem could do away with the issue of shoebox bookkeeping for good. MYOB Capture – Have we finally discovered a cure to shoebox bookkeeping?