I can't believe it is July already! Tax season will be here before you know it. As an independent business owner, I need to stay on top of what my business expenses are. I have found this system to be the most efficient for me and what works the best. If you have suggestions please comment and let me know!
Let me say I have never, never, never been one to stuff receipts in a shoebox and then wait till the end of the year. I need a system to keep me sane and not have a mountain of paperwork and hours to cram in before I can send my documents off to my accountant.
- I always try to write on my receipt after I purchase or do the activity. If I don't sometimes it escapes my mind on who, what and why
- Then I enter the receipt on my spreadsheet that I keep. I have an Excel (well technically it a Numbers spreadsheet because I have a Mac computer) spreadsheet for my business and keep very detailed tabs so I know specifically what category the expense goes under. Here are some examples of some of my expenses:
- Shakeology
- Workout programs
- Business Fees
- I then scan my receipt with my neat scanner into my computer so I keep a physical record without the paperwork.
Is my system perfect? Probably not...do I ever lose a receipt YES!!!
- In the event that happens I check my credit card bill against what I entered so I can be sure I didn't overlook an expense
I would love to hear what works for you so please SHARE!
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