Whether your business is small and just starting out or it has grown into a thriving success story, receipt retention and proper documentation are of paramount importance to protect your business and allow for continued service to your clients.
As a planning strategy to help mitigate the risk involved in the case of an audit, we recommend retaining all business receipts in a manner that is easy to access and update. There are several very effective and easy to use tools that you can use to accomplish this. These include Dropbox, Quickbooks Receipts Tool, and Expensify.
“Dropbox” is an online storage system. This system is free up to a certain amount of storage with budget-friendly upgrade options. With Dropbox, you can organize receipts into folders by month and year to facilitate easy retrieval if ever needed. You can name individual receipts in a manner that readily identifies their purpose. These items then become searchable within the files to eliminate the need to dig through a bunch of receipts. There is also a mobile app that will allow you to snap a picture of receipts on your phone and upload it directly to your files.
Alternatively, Quickbooks offers the capability to upload receipts and pair them with transactions. You can do this via direct upload or through the mobile app and easily integrate with your existing systems. Additionally, this is completely free if you are already a Quickbooks subscriber.
Reach out to our office today to discuss a strategy that best fits you and your business!
Article by Austin Bell