As a business owner, you may know keeping receipts when entertaining clients is important. However, did you know that receipts may not be enough? In addition to receipts, documentation is key to entertaining clients and writing off associated expenses.
Here are some tips to help you keep track of the necessary documentation:
- Create a guest list or have a guest book at the event. This will help you keep track of who attended the event.
- Create pamphlets or a PowerPoint presentation related to the business topic being presented at the event. This will help establish that the event was business-related.
- Record the details of the meeting in your calendar. This will help you remember important details in case you are audited.
The government may want to know these details to determine whether to allow the associated expenses to be written off. Being audited can be stressful, so taking a few minutes to document these little details at the end of the day can save you a lot of stress and headache in the future.
If you need help establishing best practices for record-keeping, ZümiFi is here to help. As bookkeeping experts, we understand the importance of accurate record-keeping and can guide establishing a system that works best for your business.
At ZümiFi, we are passionate about bookkeeping and delivering great books to our clients. We use cloud-based tools like QuickBooks Online, Bill.com, Box.com, and others to automate your system and simplify your bookkeeping. Contact us today to learn more about our bookkeeping services and how we can help streamline your business processes.