“Would you like a receipt?” That is probably the most commonly heard of sentence when we all go around buying business essentials or just running errands. But how many of us actually say “sure” to the question, and then how many actually keep these receipts?
Here is a news for you, those recites are important, especially for small business owners. Keeping them can save you a world of unwanted troubles. However, like all entrepreneurs you probably do not have the time of the day to be taking care of receipts, let alone filing them and maintaining a track record of them. This article discusses the various ways you can safe keep and take care of these receipts without having to jeopardize on your time. Technology has come a long way to ensure that the maximum time spent is on productive and progressive decisions.
Here is what you can do to make your life with receipts easier.
This goes without saying, being a business owner receipts of your day-to-day transactions are essential. Not just to keep a track of where you are spending and what your business is utilizing your capital on, rather it is also essential to help you safe guard yourself from when there is an external audit, or the IRS decides to review your books. They can even act as your witness, and remind you of where your money goes. Hence, it is imperative for you to always keep your receipts.
Do your statements sometimes make no sense? Is there money that is missing? Maybe you dropped a couple of bucks somewhere. Keeping a record of where you are spending and how much you are spending on them help you keep clear from lost finances. You can easily retrace the expenses and evaluate the justifications of the expenses. The best way to manage them with ease is to categorize expenses into relevant files. For instance, utility bill receipts can be stored in a single file. Daily expenses on another and so. Another way to ensure the most out of your receipts being organized either is keeping them in color-coated folders, or titled with their contents.
Digitalization has facilitated everything we do in life. From automated food ordering services, to the way, we communicate and even how we conduct business today. For many millennials take their phones away from them and see how they go about their day, in fact not just millennials, we are all extremely dependent on technology for everything that we do. Businesses have cherished immensely by profiting up on making their daily practices smarter through incorporating the latest in technology. Digitalize your receipts by keeping a track of them through solution based accounting applications.
Simply take a picture of the expenses and use accounting for small businesses such as Monily, which automatically keeps a record of all your expenses. Maintaining your books as well as graphically representing where you are spending the most. This process will also help keep backups of everywhere that your money is going. Even if you believe firmly on technology and the storing of your receipts through it, still keep hardcopies of them in files and folders.
Read Complete Article : Tax Time