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Practical Process

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.



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