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We offer full framework consultation or you may need assistance with just one area. Please contact us for information on how we may assist you with managing your practical business processes.

 

We offer additional support to help you maintain the processes that you have developed.  Please visit our Support page for more information.

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Conquering Receipt Defeat in 2016

Leijun Campbell - Friday, July 29, 2016


 

 

If I had a dime for every time I heard, “I don’t have the receipt,” I think I would at least have a long vacation paid for at this point. Even with the advent of the digital age and we can have receipts sent straight to our inboxes after our purchase, we still struggle with properly documenting our expenses. Here are a few quick tips in conquering what I call “receipt defeat.”

 

1) Get some help, but don’t forget the expense organization is ultimately up to you - As a small business owner, you probably have an in-house or outsourced accountant who helps you handle the books on a weekly, monthly and yearly basis. Though the temptation to trust this person or team completely is there, make sure you stayed involved with the process in some capacity. Ask for their help in establishing a quality organization routine for all of your financial matters.

 

2) File folders are still relevant - Even if we don’t like to admit it sometimes, digital receipts have not completely overtaken paper receipts. You probably have a stack lying around your home or company office. You can invest in a variety of filing systems like we discussed last week here.

 

3) Don’t ignore them until tax season - The receipt indicates the end of the transaction at the store, but it hasn’t quite completed its purpose for your business. Set calendar reminders in your inbox for you or your finance team to occasionally revisit your purchase history for the year. You don’t want any surprises when tax season starts.


Where Did I Put That File: Getting Organized

Leijun Campbell - Thursday, July 21, 2016

Just like you would not start your company without first completing a business plan, you would not attempt to manage your business records without organizing your files. People have asked me about organization tips for their home and business files, so I want to provide some help here.

 


 

1) Start generic: Write down a list of the categories you want to use for your folders. Begin looking through your files and place them in the appropriate file folder (for these initial categories, I would suggest pendaflex files). Do not try to get specific with subcategories just yet. You want to start with the big picture and eventually get detailed. Main folders can include Automobile Repairs, Credit Cards, Payroll, Human Resources, and more.

 

2) Get specific: Once you establish your "main folders," use manila folders to create subcategories. An example of a subcategory in Human Resources would be Insurance Paperwork, Vacation Policy or Employee Files. These tips also apply to the digital realm, especially with email.

 

3) Get organized and STAY organized: Prompted by declarations such as New Year's resolutions, we often get caught up in the excitement of setting goals for our personal and professional lives. However, once we hit the middle of the year (i.e. July), our discipline is often nonexistent. Similarly, when you seek to organize your business, you will discover a business-related adrenaline that helps you get through the initial challenges and encourages you to finish the project of establishing categories and subcategories. However, you must be willing to maintain these records and your organizational habits, especially when busy times come for your company. Do not fall behind if you have worked so hard to get ahead.

 

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