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Mike Mancini shares a quick five-minute hack to tackle the issue of managing numerous receipts collected throughout the month or year. He explains that he often receives multiple receipts daily from various activities, like meals and client meetings, resulting in a pile of receipts thrown into a box. This leads to a chaotic situation during tax season when he has to sift through them. Additionally, he receives several receipts via email, which he sometimes has to print and organize in a book. Ultimately, this accumulation leaves him with folders to present to his accountant at year's end.