Keeping Your Finances in Order
Unresolved receipts mean unresolved items. If you’re not regularly submitting all your receipts to your bookkeepers, you’ll have more unresolved items, which, of course, means inaccurate financial information.
You won’t have an accurate picture of your business’s cash flow, and the odds are that you’ll end up making the wrong decisions based on a lack of information.
Making Receipt Organization Easier
Now that you understand the importance of keeping your receipts organized, how exactly do you go about doing it? Here are some of the best business practices we recommend for getting all those slips of paper in order:
· You don’t need them to be slips of paper at all. Keep your receipts in a digital format.
· Digital receipts are fantastic because when it comes to providing evidence of expenses, they can be attached to transactions directly within software.
· To keep your receipts digitally, take photos of them as soon as you receive them.
· If you misplace or lose a receipt, let your bookkeeper know the amount (if you remember it) and the purpose of the transaction, before asking your vendor for a different copy.
As a premium Edmonton-based full-service accounting firm that offers professional small business tax accounting and bookkeeping services, we are committed to helping our clients achieve their business goals by streamlining their day-to-day finances.
Contact us to learn more about our full-cycle accounting services.
DPC-Chartered Professional Accountant.
Your Local Accountant in Edmonton.