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Mike Mancini discusses a simple five-minute hack to manage receipts effectively, which he has struggled with by accumulating numerous receipts each month. He often receives both physical and digital receipts from various activities, such as meals and client meetings, leading to a disorganized collection. During tax season, he faces the daunting task of sorting through boxes of receipts and printed emails. This accumulation creates stress and inefficiency when preparing for taxes. The tutorial offers a solution to streamline this process, aiming to simplify financial organization for business owners.