Keeping up with business expense receipts should be easy, right? It’s actually a dreaded chore for so many people. Wouldn’t you LOVE turning this paper chore into a super, Super, SUPER simple task?
I want to help you set up a really simple organization system that will save you butt-loads of time and have you looking forward to tax season!
Here are 5 real-life organizational examples from my own system and a few of my clients’ systems:
- One client set up a small collection of file folders in her desk drawer, labeling them by different tax expense categories. She simply drops receipts inside the appropriate folder.
- Another lady set up colorful folders inside a small decorative file box by her desk. The folders are labeled “Bank Statements” “Bills” “Receipts” “Coupons” “Charitable Donation Receipts”.
- Another client organizes her financial records inside a binder with pocket dividers to separate and store her bank statements, credit card statements, business receipts, personal receipts and bills.
- I personally slip my paper bills into a pretty, decorative dark pink flowered magazine holder that is sitting on a shelf next to my desk. Once it’s paid, then it gets dropped into the system I mention next.
- My business income and expense records are stored inside a Jan-Dec accordion style file. At the end of each month, I process the information into software, then print and attach an income/expense report right on top.
I’d like to say to you what I say to my daughters, “We can do things the fast & easy way OR we can do them the long, drawn-out, hard way. Which one would you prefer?”
You’re a smart one, so I’m sure you chose “the FAST & EASY way!”
Now, go set up your very own Easy System to keep track of your business expense receipts.
(In a previous post, I share the 3 Biggest Solo-preneur Tax Prep Mistakes to Avoid.)
