Shoeboxed is a service that I am using to manage my receipts. The way it works is that they provide me a prepaid envelope that I fill full of receipts, send it to them, they scan into an online portal, and mail the receipts back to me. Heres what the prepaid envelopes look like:
The plan that I am on currently costs $29.95 per month and enables me to have up to 150 documents scanned into my online account per month. The question that I often get is, is this service worth paying that much for per month to save scanning the receipts?
The alternative is to scan your receipts manually to your computer, or to a service such as dropbox or evernote. I would say on average I have around 75 documents per month that require an electronic backup to be created. Lets assume that it would take me 30 seconds to get each receipt scanned and saved to the appropriate folder on my computer. Using these numbers it would take me about 38 minutes per month to do this myself. The $29.95 is a deductible expense, so for easy math well say my tax rate is 30%, so my real cost is about $21. This $21 equates to about $33.15 per hour. This doesnt factor in the time savings of inputting information such as store, amount, payment method, etc., which Shoeboxed pulls for you. So if I value my time at greater than $33.15 per hour, which I do, then its worth it to use this service.
For me, its worth it to simply put all my receipts in an envelope and send them away, youll have to decide for yourself.
Here is a short video I made showing what Shoeboxed looks like once you sign up, and explains how it helps me:
If you have questions, feel free to send me an email at firstname.lastname@example.org. If you have used this service, please leave a review below!