The IRS requires you to keep receipts for everything you spend on your business. Collecting and managing those receipts is a critical workflow for your business. Done well; this becomes a way everyone works. Not done well, this becomes a time-consuming reconstruction effort well after the fact, and the potential to still miss things is...
As a business owner, it’s essential to keep supporting financial documents for up to 7 years, depending on the circumstances. Receipts of all expenditures must be kept in case of an audit. However, over time, receipts can get lost, ink can fade, and the nature of the purchase can be forgotten. If you want to...
If you’re a business owner, you’ve probably asked yourself: what should I do with my receipts? Of course, receipts are an important part of any business’s financial management, as they are proof of expenses for taxes and other financial records. But keeping receipts can be tedious and time-consuming, especially when you have other things to...
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...