Keep your business receipts tidy and organised using the tips in this blog to make completing your tax return a cinch.
Here are our top tips for quickly and efficiently compiling, organising, and storing your business receipts.
Make notes – Get into the habit of writing a quick note on receipts about what they are for if it isn’t immediately obvious. This will make it quicker and easier for you to categorise your receipts at a later date.
Digitalise – When you have lots of paper receipts lying around it’s easy for them to get lost. Stacks of paper receipts also take up space and can easily become disorganised, making it time-consuming and frustrating trying to find the information you need. Over time, the ink on receipts can also fade, making them difficult to read. However, technology now makes it easy to go paperless by digitalising all your receipts. There are many ways you can do this, including:
- Use a receipt scanner smartphone app and online service.
- Photograph receipts with your smartphone’s camera.
- Use the office scanner.
Categorise – Whether you choose to store paper receipts or go digital, you will benefit from categorising your stored receipts. Examples of common categories include:
- Office supplies
Some receipt scanner apps and online services will automate this process for you and even send the information to your accounting software.
Use accounting software – Keeping track of your receipts using accounting software is far more efficient, organised, and secure than trying to keep track of things using paperwork. When you digitalise your receipts and store the information in your accounting software you can perform a quick search to find the information that you require at the click of a button. It also makes it easy to quickly sort your receipts and analyse your expenditure. Most accounting software will store your data online in the cloud too, allowing you to access the information from anywhere and giving you peace of mind that it is safe and secure.
For more help or advice with your bookkeeping, get in touch with our team here at Michael Bell by calling us on 01484 690 730 and we will be happy to help you.