When tax time comes around, are you the person that hands your accountant a box of receipts? Or perhaps, you don't even have a box of receipts, perhaps they are scattered throughout your office, your car, your wallet, everywhere!
This week, I share with you how to ensure your receipts are always tax-time ready, so you can feel confident that everything is in order.
As always I'd love to hear your thoughts. Leave me a comment and share your thoughts with our community.
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Hey, it's Gail Bennell here.
Today I have just finished preparing for my meeting with my accountant tomorrow to do my end of financial year tax, as business owners we all must do, and I wanted to share with you one other simple system that I have for keeping track of all my invoices and receipts in particular.
Now, this is something that can get really really messy, you know you spend, you might go buy some stationary, a new printer, or a computer. You might buy some refreshments if you're travelling to see clients. There's petrol costs. There's rent costs, you know everything, and you might have a pile of receipts and a pile of invoices, and some are in your email and some are in your wallet or floating around your office if you're a little disorganised. Which I have to convince I one was. I used to just have a pile of receipts and I didn't really know what to do with them. Then I'd go to my accountant and they'd say, "Right well, you can either give them to us "and we'll charge you to put them in order, "or you can go home and do it yourself," which is mind-numbingly boring for me, I don't know about you.
But I've discovered a super simple way to do it, so that I don't have to do it and I don't have to pay my accountant fees to do it either. It's a system called Shoeboxed, and what I do is I take my receipts and I print out a cover sheet, and I send them to this company, they're based in Sydney. They scan them in, they categorise them for me and then they link it up with my online software, my accounting software, and it's already in my accounting software, ready for me to confirm and check off that everything's in order. This has saved so much time for me.
This is one of the mind-numbingly boring things that you can do in your businesses, or for me, is data entry of financial receipts, and keeping track of all of that. Now, all I do is I keep all of my receipts in my wallet, and then when it gets a bit full, I send them off to this company called Shoeboxed. They're named because you could literally email a shoebox, a shoebox full of receipts to them and they will look after it for you, which is an amazing service. It's about 20 dollars a month, and it really is such a timesaver for me and it's totally worth every cent for me.
Today, when I've gone through my accounts and everything is in order virtually automatically. Amazing. What do you do to keep track of your receipts and invoices and expenses in your business? How do you manage all the nitty gritty of that?
I'd love to know, and I know that so many in our community would love to know as well what you do to make the financial side of your business run smoothly.
So please leave a comment so that others can learn from what you've done, and we can all learn together.
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