Are you struggling to keep track of your business receipts? Are you unsure of what the best way to organize them is? Don’t worry, you are not alone! Continue reading to learn some tips on how to organize your business receipts.
Why Is It Important To Keep My Business Receipts Organized?
Keeping your business receipts organized is important for a few reasons. First, it will help you keep track of your spending. This is important because it will allow you to see where your money is going and make necessary adjustments if needed. Secondly, it will help you when it comes time to do your taxes. If you have all of your receipts organized, it will make tax time much easier and less stressful. Lastly, it will give you peace of mind knowing that everything is in its place and you can easily find what you need when you need it.
What Receipts Do I Need To Keep For My Business?
There are a few different types of receipts that you will need to keep for your business. The first type is called an “accounts payable receipt.” This type of receipt is issued when you make a purchase on credit. You will need to keep this receipt until the bill is paid in full. The second type of receipt is called an “accounts receivable receipt.” This type of receipt is issued when you make a sale. You will need to keep this receipt until the customer pays the invoice in full. Lastly, you will also need to keep receipts for any expenses that you incur for your business. This could include things like office supplies, travel expenses, etc.
How Do I Organize My Business Receipts?
Now that we’ve gone over why it’s important to keep your business receipts organized, let’s talk about how to do it!
One way to keep your business receipts organized is to create a filing system. You can do this by creating folders for each month and then labelling them with the year. For example, you would have a folder for January 2022, February 2022, etc. Once you have your monthly folders created, you can start filing your receipts away.
Another way to keep your business receipts organized is to use a receipt tracking app. There are a few different apps out there that you can use, but one of our favorites is QuickBooks. This app allows you to take pictures of your receipts and then categorize them. You can also add in additional information such as the date, amount, and purpose of the purchase.
This is a great way to keep track of your receipts if you are always on the go!
You can also organize your receipts by keeping them in a spreadsheet. You could create a spreadsheet with all of your receipts and the corresponding information. This would allow you to easily search for specific receipts if you need to.
Organizing your business receipts doesn’t have to be a daunting task. If you need help organizing receipts for your business, reach out to the professionals at Silver Peak Accounting, we know how confusing and overwhelming bookkeeping and accounting can be, which is why we are here to help in any way we can. Reach out to us today!
