A Guide to Relay’s Game-Changing Tool

Managing receipts is a critical yet often cumbersome aspect of running a business. Trust me, I know. My assistant and I work through piles of receipts all year, organizing and filing them just so.  

However, Relay has come to our rescue with their new Receipt Management feature. They’ve streamlined this process, offering a structured approach to handle receipts for transactions made with Relay debit cards, so your business can stay organized and on top of those receipts. Let’s talk about why this is so important to you.  

The Importance of Receipt Management 

Receipts are essential for accurate record-keeping, expense tracking, and budgeting. They provide detailed insights into purchases, clarifying expenditures that might otherwise be ambiguous. For instance, understanding the specifics of an Amazon purchase requires the itemized details found on the receipt. 

From a compliance perspective, maintaining receipts is vital. The IRS mandates receipts to substantiate tax deductions; lacking proper documentation can lead to disallowed deductions and potential tax liabilities.  

It’s advisable for small businesses to retain receipts for at least 3-7 years, aligning with the IRS’s audit timeframe. Keeping 3 to 7 years worth of receipts can take up a lot of space in your home or office. So, imagine the benefit of them all being neatly stored away in Relay’s system.  

Additionally, receipts are indispensable when returning or exchanging items, serving as proof of purchase to facilitate these transactions. 

How Relay’s Receipt Management Feature Helps 

Relay’s tool enables administrators to establish a receipt policy, compelling team members with Manager and Cardholder permissions to upload receipts. These receipts are securely stored and linked to corresponding debit card transactions, ensuring easy access for record-keeping, audits, or refunds. 

Upon making a purchase that falls under the receipt policy, cardholders receive an SMS notification prompting them to upload the receipt. The Relay app also indicates transactions missing receipts, allowing administrators to monitor and follow up as necessary. 

Receipts can be uploaded through various methods: 

• Email Forwarding: Forward digital receipts directly to Relay. 

• Direct Upload: Administrators, Managers, and Cardholders can upload or drag and drop receipts via the web or mobile app. 

Relay automatically matches uploaded receipts to their respective transactions, alleviating the burden of manual matching. In instances where auto-matching isn’t possible, the system highlights unmatched receipts and transactions to expedite the process. 

Key Features 

• Receipt Policy Configuration: Administrators can select from three predefined receipt policies to determine which transactions require receipts, tailoring the process to the business’s specific needs. 

• Notifications: Cardholders receive SMS alerts for transactions necessitating receipts, with a unique link provided for straightforward upload. 

• Versatile Upload Options: Receipts can be added individually or in bulk through multiple channels, including direct upload, email forwarding, and the Relay mobile app. 

Scope and Permissions 

Currently, Relay’s receipt management is exclusive to transactions made with Relay debit cards; it doesn’t support ACH, wire, or check payments. Receipts can be uploaded for both pending and settled card transactions. Permissions to upload receipts are designated as follows: 

• Administrators: Can upload receipts for all transactions. 

• Managers: Can upload receipts for transactions linked to accounts they have access to. 

• Cardholders: Can upload receipts for transactions linked to their assigned cards. 

 

 

By leveraging Relay’s Receipt Management feature, businesses can simplify the receipt tracking process, ensuring organized record-keeping without all the hassle and clutter. This tool not only enhances your operational efficiency but also supports your financial compliance. Why not try it today! 

 

Interested in Profit First? 

If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!  

You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits. 

Check out all our ecommerce accounting and profit advising services here!