Most business people know how important it is to keep receipts when entertaining. But, did you know that this might not be enough?
Documentation is key. It is important to document who, why, when, and where.
Here are a few tips we find useful.
- Send out an e-mail invitation or have a guest book at the event. This will help you keep track of who was in attendance.
- Create pamphlets or have a PowerPoint presentation of the business topic you will be presenting.
- Record the details of the meeting in your calendar in case you are audited.
The government will want to know these details to determine whether they will allow the associated expenses to be written off. Audits can be stressful. So, take a few minutes at the end of the day and document those little details; you will thank yourself later.
If you need help establishing best practices for record-keeping, ZümiFi is here to help.
Bookkeeping is the bread and butter of our business.
It’s also where we came from, what we love most, and what we’re best at. It does wake us up in the morning and makes us smile when we begin to work! But bookkeeping in the cloud takes all of that joy a few levels higher by optimizing opportunities to automate data entry and connect the vast universe of various online tools that can synchronize seamlessly with your QuickBooks Online. ZümiFi is experienced in understanding each client’s needs, then making custom-designed recommendations that will truly move things forward to deliver great books.