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Organizing Your Business Receipts

Consistency is the most important thing!

Maintaining “adequate evidence” for business expenses claimed on your tax return is an IRS requirement. However, in today’s electronic age, the best way to collect and store receipts varies depending on your preference and work style.

Some individuals still prefer to store paper receipts, while others scan and store them electronically. If you choose to store receipts electronically, it’s crucial to ensure that you have a backup system in place for those documents. Additionally, you can use expense tracking software like Expensify or Tally to store and manage your receipts or take photos of them and store them in QuickBooks Online or electronically.

The bottom line is that there are numerous ways to store receipts, and the most critical factor is choosing a method that works best for you and then consistently following it. Consistency is key!

Not only does organizing receipts satisfy IRS requirements, but it also makes bookkeeping more manageable. In addition, with well-organized receipts, we can ensure that everything is correctly coded when we see the receipt. Therefore, finding the best method for you and maintaining a consistent habit of organizing your receipts is crucial.

At ZümiFi, we understand that maintaining proper receipts can be challenging, but we’re here to help. If you need assistance determining which method might work best for you, contact us today, and we’ll walk you through the options and help set you up for success.

Maintaining adequate evidence for business expenses is an essential requirement for tax compliance. Finding the best way to collect and store receipts depends on your preference and work style, and consistency is key. If you need assistance, ZümiFi is always here to help.

Contact us today!

Organizing Your Business Receipts