![]() We recommend adding this as a recurring appointment on your calendar, regardless of the frequency you choose. Friday afternoons are an option (if you’re not already having work knock-offs – and no, you can’t claim those). If you can’t quite bring yourself to commit to this, or if making a business purchase isn’t a daily occurrence, set aside a weekly time to put receipts away. One way to deal with this is to keep a separate folder for business paper receipts and invoices that you reconcile at the end of every day. Invoices can easily get lost in email chains and end up not being dealt with properly or miss being passed onto account departments. Most of the time, later never arrives or you end up passing on a box of loose receipts to your accountant, upping the time they have to spend on your books. ![]() One of the worst things you can do is throw your receipts away or put them in a ‘go through later’ drawer. What are best practices for receipt tracking?Ī lot of business owners miss out on claiming expenses properly because they lose receipts or forget to ask for a receipt in the first place. In saying that, your receipts need to be for tax deductible expenses (in other words the ATO needs to agree the spending was necessary). If you miss an expense, your profits could end up looking bigger than they are, and you end up being taxed for your mistake. Without a receipt, GST is not claimable and assumptions may be made and GST claimed incorrectly. For example, to claim goods and services tax (GST) as a business, you need to have an invoice or receipt. Knowing how to track receipts is an important part of your business processes and finance function, but it can also help keep your tax bill down. Tracking business expenses helps you stay on top of your budget, understand your costs, and ultimately have more control of your profitability. Why do businesses need to keep their receipts? Figuring out a solution that works for you and your business will keep you from losing your receipts and save you from having to dig through a pile of receipts come tax time (we’ve all been there). ![]() Although these apps do most of the heavy lifting in terms of how to track receipts, businesses still need to maintain best practice when it comes to tracking paperwork. Tracking these transactions is critical for financial and tax reasons, and organising your receipts makes life a lot easier and simpler.Īn easy way to stay on top of this is through receipt-tracking apps, which can help you digitise your documentation and calculate your expenses. ![]() Over the course of a year, you’ll likely make loads of purchases – new laptop, office supplies and business travel (although these days it’s more like Uber-ing to a local client or jumping on Zoom). It’s pretty normal to find yourself playing catch-up with your receipts. In this guide, we share our top tips on how to keep track of receipts for businesses. That includes keeping up-to-date with your receipts and invoices before they take over every corner of your office. As a business owner, you know it’s essential to track your expenses. ![]()
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