Quickly File Your Receipts

They come in many forms these days via email, paper print out and texts. Therefore, something you should get into the habit of doing is recording your receipts as soon as you possibly can. Put aside time during the day (or week at the latest) to organize your receipts before they become overwhelming. Another great habit to get into is noting (on the receipt or some kind of document) the business purpose of the expense – just in case you forget down the track. If you’re a small business owner, you may have already dealt with the fun task of having to differentiate work and personal expenses from the stack.

Categorize Your Receipts

The next thing you can do to make your life even easier is to start categorizing your receipts in a tax-based filing system.
Personal Expenses

  • Meals and Entertainment
  • Rent
  • Insurance
  • Gifts
  • Education/ Work Expenses
  • Charity donations
  • Travel expenses

Business Expenses

  • Advertising and promotions
  • Supplies and furniture
  • Subscriptions
  • Legal and professional fees
  • Charity donations

Purchase App to Organize Receipts

If the sound of cluttering up your camera roll with pictures of receipts doesn’t appeal to you, then you can also take advantage of apps that store them digitally. Using an app is a step further than simply recording your receipt images, as they can also create expense reports enabling easier financial tracking.  There are a variety of storage and financial management apps on the market and it can be overwhelming to decide which one is right for you.

Be Consistent

The simplest and yet somehow most challenging tip we can give you is to be consistent (it definitely sounds easier than it is). Even with the above tips, the most crucial step in organizing your receipts is to stick with it consistently. If you struggle with being consistent, try making a schedule for yourself to stick to. This is particularly important for businesses; plan out a day in your week to knuckle down and get your receipts filed.

If you are still struggling to find the right system in order to organize and track your business and personal expenses contact us today as we would love to assist you in finding a solution that works for you.