Best Way To File Receipts For Business

As a business owner receipts copies of invoices bills and other paperwork can pile up quickly making our desks cluttered and offices messy. Taking control of your finances can be a scary task. There are so many different ways to keep your receipts and paperwork organized for your small business.

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How to organize business receipts and paperwork.

Best way to file receipts for business. You have to face your current financial situation determine your current financial needs find a solution and set financial goals. If you set a strong foundation from the start and adopt strong organization habits youll find that keeping your receipts organized is a breeze. If the purpose of the receipt is not obvious write down what is was for as soon as you receive it. One example of keeping business receipts organized is to keep a series of file folders labeled by month and year such as receipts november 2017.

File the receipts as they come in rather than waiting to do a months worth of receipts at one time. The two most current file folders can sit on top of your desk so that when you collect receipts on your various rounds its easy to pop them into the correct monthly folder. Determining the best way to organize receipts electronically will be dependant on your needs. Six years after you file a return.

In conclusion the key to organizing receipts for your small business is to make sure theres an easily manageable workflow for the software tools youre using or your filing cabinet. There is no right or wrong way on how to file your business invoices and receipts except that in nz they need to be kept for seven years. I often get asked what is the best way to file receipts and invoices so i thought i would share some of my thoughts with you.