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5 Surprising Bookkeeping Tips to Organise your Business Receipts

Does the thought of collating business receipts shrivel your soul? If those little scraps of paper are getting the better of you, and you ever tell yourself one or two going missing won’t matter, here are five handy tips to make the job less demanding.

#1. Get Motivated About Receipts

Hold on to all of your Business Receipts – photo by Shutterstock

Dozens of Business receipts are generated every day, and this shower of paper can quickly turn into the perfect storm come tax time if you don’t get, and stay, motivated to treat them like gold. They’re your insurance for a smooth audit should you be singled out, because if you can’t justify all your business expenses you’re opening up a potential world of trouble with the taxman.

#2. HMRC Accepts Scanned Receipts

Most business owners will be aware of the impending plans to make us all go digital with tax records and return submissions. If you’re not yet into cloud computing and accounting, now’s a good time to start implementing them before they’re thrust upon you.

HMRC don’t, however, automatically demand to see original receipts and invoices, so it’s practical to cut down on paper storage by scanning hard copies and keeping a digital version instead. There are some exceptions to the digital proofs HRMC deems acceptable, and your accountant can help you make sure you’re in compliance with the law.

#3. Use The Tech in Your Pocket

There are a multitude of apps for smartphones to help keep track of expenses and purchases. Use the phone in your pocket to snap a sharp picture of a receipt (or any other document you want a quick copy of) and you have a handy, instant digital record. Remember to keep an external back up of digital files as you never know when corruption can creep in or your hard drive suddenly crash.

#4. Write Notes on Business Receipts

Make a quick note on all receipts so you can see at a glance what the business purpose behind the purchase was. This is especially important if you’re claiming legitimate travel or hospitality expenses. Some business purchases are easy to justify (everyone understands why you need a new printer and what its purpose is), but a few years down the line you may not remember why you were in a certain restaurant for business reasons.

A business journal is another way of joining the dots in your paper trail. This needn’t involve a whole lot of extra work, as it can be as simple as being diligent with your business diary. Whether you write in a ledger or keep track of appointments or meetings in a Google or Outlook calendar, it’s another arrow in the quiver of expenses proof.

#5. Don’t Rely on Bank and Credit Card Statements

It’s easy to imagine that you don’t need a receipt because you automatically have a bank or credit card statement that shows the expense. However, your bank statement may record that you spent a few hundred quid in the electronics superstore but it won’t say whether you bought a new computer or a washing machine. The receipt shows exactly what you bought.

Take a fresh look at how you handle and store receipts, and figure out a way to make the task quicker and more organised.

Drew writes for Braant Accounting – for more information about their bookkeeping services, see their website.

The post 5 Surprising Bookkeeping Tips to Organise your Business Receipts appeared first on MotivatingMum UK.



This post first appeared on MotivatingMum UK - Sometimes Mum, Sometimes Mumpre, please read the originial post: here

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