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It’s enough to drive you insane … the dreaded and manic search for that one
missing receipt so you can get your paperwork in order. We’ve all had those
panic attacks when we can’t find the proof for that pricey purchase we made for
our business. Is it underneath the car seat? How about the trash? Did the dog
eat it?
Managing your receipts can be an annoying task, but unfortunately it’s all a
part of the daily grind of owning your own business. Here are a few ideas that
might help you when it comes to managing those pesky receipts:
Find a system and stick to it. There’s not one single system
that works for everybody, but you have to actually have one to make it work.
Just throwing your receipts in the glove compartment of your car, or in your
jacket pocket will not work for very long. If you take your planner or calendar
everywhere you go, make sure you have a pouch or pocket specifically for
receipts. If you travel lightly, then as soon as you get to your car or hotel
room, always have an envelope labeled for receipts only, and take it in your
briefcase wherever you go. Make a habit of emptying it everyday into a
designated folder in your office that is easily accessible. Clean out your pouch
or pocket daily, and clear out the folder in your office weekly.
Check receipts immediately. As soon as you make a purchase,
whether it’s with a credit card at a restaurant, or you pay cash for a snack in
the airport, examine the receipt as soon as you get it. It’s common to get home
and then not be able to read the receipt, thanks to a low ink level in the cash
register, or a hand-written description that can’t be deciphered. And it gets
even more complicated when you travel internationally. Take notes if you must,
or fill in illegible information on the spot, so you don’t have to play the
guessing game when it comes to reporting your expenses.
Fold your receipts in an orderly fashion. If you tend to
fold up your receipts, make sure you fold them so that the name and date of the
receipt is visible on top. That way your receipts are easily identified,
and you won’t mistake one for a personal expense or a piece of trash.
Don’t get behind on expense reports. If you employ a
bookkeeper, set up a weekly schedule for receipt delivery. If you do your own
accounting, then schedule in weekly or monthly times that are dedicated to data
entry and expense reports. This is one area that can be suffocating to a
business owner if allowed to build up.
The handling of receipts is certainly not a joyful experience, but
implementing just a few simple ideas can help the process go much smoother. | 
