172301 Resource 149173 155860 149257 1182186104010 1182187730349 Controlled Small Business Tips: Getting Organized

Organizing and managing receipts for your business purchases can help annoying task be more manageable

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. 10 application/xml false business purchases getting organized managing receipts organizing and managing small business small business tips Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 cmalmstrom false true false false true 189572 false false true false false false true 149173 blog blogsite/FreedomVoice/web