How To File Receipts For Small Business

The irs suggests saving your receipts and records for at least four years but keep in mind that the irs can still come knocking on your door if you failed to report more than 25 of your businesss gross income income before expenses are taken out six years after you file a return. Often as consumers we quickly say no thank you when asked if we want a receipt but this should not be the case and especially not the case for small business owners. 7 tips for keeping receipts organized for small business owners.

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When you buy big items you may need to return exchange or get service on the items.

How to file receipts for small business. A filing system for a small business takes only a few minutes to set up and limited supplies. 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. Your business filing system is an important aspect of your business. It does take effort and some pre planning and preparation but once it is set up you will be ecstatic you did it and it will lift a huge weight from your mind.

How to file receipts for small business. If you set a strong foundation from the start and adopt strong organization habits youll find that keeping your receipts organized is a breeze. 5 whatever method you choose you want to make sure youre going through your receipts and filing them while the particular transaction is still fresh in your mind so you know what that particular. In a prior article i discussed how to organize receipts by taping them on normal sized sheets of paperin this episode well discuss how to file the receipts specifically that have to do with warranties and products.

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. Youll need folders files a pen and a filing cabinet. An orderly system will keep you sane. 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.

Some small business owners prefer to file their receipts immediately while others set aside a time once a week to go through them and file them.