![]() Significantly reduce manual bookkeeping entries.Tools like Dext Prepare, HubDoc, and Expensify let you and your team easily store receipts and invoices in the cloud. You simply use your phone to take pictures of your physical documents, then upload them to a mobile app that extracts all the data (including vendor, date, items, and amounts).īecause these tools integrate with most cloud accounting software, you can: Here are 2 ways to store your source documents electronically: 1. Storing receipts electronicallyīecause physical storage can be vulnerable to theft, fire, flooding, and natural disasters, relying on paper receipts can be risky. Fortunately, you can save time and do away with the risk of physical loss by automating your receipt organization. Just be sure your notes are clear regarding expense purpose or category. Ideally, you should file receipts as they come in. If you’re constantly on the go, however-without daily access to your filing system-writing small notes on the backs of receipts will make them easier to file when you’re ready. When you need to verify a particular receipt or transaction, you can easily find it based on the month it occurred. Since most businesses do their bookkeeping chronologically, it makes sense to also store your source documents this way. meals and entertainment, advertising expense, supplies expense) make them easier to record, it lets you refer back to individual transactions faster come tax time-without having to hunt through a shoebox of paper. Not only does organizing business expenses by account (i.e. Here are 3 key steps for keeping track of your receipts physically: 1. When using physical files to keep stored receipts organized, however, it’s important to develop a routine and stay on top of it. If you’re naturally organized, storing paper receipts and invoices might be your method of choice. Organize your receipts electronically using online accounting software or digital foldersĭetermining the best way to keep receipts will partially depend on whether you prefer to store paper or digital documents. ![]() Store documents physically in paper file folders.There are two options when it comes to receipts filing. The CRA requires that all business records and supporting documents be kept for a period of six years from the end of the last tax year they relate to. The best way to keep receipts for your business ![]() You’ll find it easier to generate a proper paper trail if you avoid paying cash for things like office supplies and meal and entertainment expenses-and use a business-only credit card or bank account instead. It’s a good idea to collect paperwork for every transaction, no matter how small or insignificant it may seem.
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