7 Tips for Keeping Receipts Organized for Small-Business Owners
Keeping your receipts organized is crucial to running a successful small business. But it can be a real hassle to keep everything in order if you don’t have the right tools. In this article, we’ll go over 7 tips for keeping your receipts organized for maximum efficiency.
1. Get Your Receipts Out Of The Way
This might seem counterintuitive at first glance, but the best way to organize your receipts is to get them out of sight as soon as possible. You should always have someplace where you can go drop off all your receipts at the end of each day (and then make sure those receipts get filed away!). If they’re not regularly filed away from sight, they’ll just end up getting lost under other papers and clutter in your office space—and then it’ll be even harder to find them when tax time comes around!
2. Keep it simple
If you’re just starting out, don’t worry about getting too fancy with your filing system right away—just pick one method that works well for you and stick with it until it becomes second nature! Once it feels natural and intuitive, then start experimenting with other methods that might work even better than what you’re currently doing.
3. Label everything!
This might seem counterintuitive at first glance, but the best way to organize your receipts is to get them out of sight as soon as possible. You should always have someplace where you can go drop off all your receipts at the end of each day (and then make sure those receipts get filed away!). If they’re not regularly filed away from sight, they’ll just end up getting lost under other papers and clutter in your office space—and then it’ll be even harder to find them when tax time comes around!
4. Set up a system for filing and storing receipts
You’ll need a place where you can go to find all your receipts when you need them. A filing cabinet or box will work just fine—just make sure the system you choose is something that makes sense to you and your business.
5. Use a digital filing system
The best way to keep track of receipts is by using a digital filing system that automatically categorizes and organizes each receipt into the right folder. This way, you won’t have to worry about sorting through all those papers yourself or losing track of anything important.
6. Don’t rely on bank statements, credit card statements, or canceled checks
These can be helpful, but they don’t give you a clear picture of what happened with each transaction or payment. This way you can see exactly where your money is coming from and where it’s going out of pocket at any given time.
7. Ask for help if needed
If your business has grown enough that you don’t have time to manage everything yourself anymore, consider hiring someone who can help with the task of organizing receipts (and other tasks). This will allow them time to focus on growing their skills while also freeing up some of yours so they can focus on growing the business itself!
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By following these tips, you’ll be honoring a simple but important business practice and process that will scale as your business grows (and probably save you time when it comes tax season). There’s no reason to toss a receipt after one use; just find a way to store it. Whether you choose a digital app or opt for the old-school solution of a folder full of paper receipts, just make sure you’re ready when the taxman comes knocking.
