Bookkeeping for small business includes keeping invoices, receipts and documents filed and organized. The following system is suggested.
A simple system to keep source documents organized:
Keep a small receipt holder in your car: Keep this for loose receipts/invoices when your out and about. Remove the accumulated receipts/invoices each week or month and file them in your main filing system.
Keep a banker box or accordion style folder: Label a section for each month and file receipts/invoices by date. It is a good idea to have a section for each of the following as well:
Bank statements - Separated by account
Credit card statements - Separated by account
Payroll - Separated by Employee
Tax - Payroll, Sales, and Income Tax
Keep Loan documents, and Asset purchase receipts, as well as supporting correspondence in an easily accessible file.
Create an email address or folder for emailed receipts: Many retailers provide the option of an emailed receipt. A dedicated email address for receipts is a good idea, especially if purchases are made by multiple parties within your organization.
We suggest the following for organization:
Hanging File Folders: https://bit.ly/2wqtUb7
Bankers Box: https://bit.ly/2Uyt9og
File Labels: https://bit.ly/2Uj7n9l
Good Reasons to Stay Organized for 2020:
Possible lost deductions: It is likely important receipts will go missing or get destroyed if not filed promptly.
Reduce the cost of organizing a year of documents: When you hand a bookkeeper a box of receipts, consider the additional cost of getting organized last minute. Is it worth the hourly rate for someone else to do it?
Eliminate last-minute panic: Filing late, means paying more than you need to in penalties, and a rushed job, no matter how carefully done is more likely to incur errors.
Stay on top of your finances: Up-to-date and organized books are the key to making solid business decisions.
ProStrata-G Certified Quickbooks ProAdvisors can help you get started or get caught up on your bookkeeping. Call today to book an appointment. Don't forget! We come to you! www.prostratag.ca or 204-594-4214.
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Published by Status is onlineMelanie MeilleurSmall Business Bookkeeping ExpertsPublished • 1mo10 articles
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