Easy Way to Track Business Purchases

Tuesday, April 14, 2009

Keeping your receipts organized for accounting is generally a headache for any right-brained creative person. One simple way to help you itemize more quickly when your data entry rolls around (whether you do it yourself or outsource to a bookkeeper) is to write the gist of the purchase on your receipts as soon as you get them. 

It looks something like this: After a lunch with Sally Photography, keep your receipt. At the top of the receipt, jot down these facts:

  • Date (a quick and consistent way to do this is to use the six digit format, no slashes. Ex: 040609 would be April 6, 2009). You can also circle the date, but writing it will make the data entry process much faster later on.
  • What the purchase was for.  Ex: networking lunch with Sally Photography.
  • If you have more than one person working for your company, initial the receipts so that you know at a glance who made the purchase.
And that's it. It took less than 15 seconds of your time, is free, and will save you the time and hassle of trying to remember what the purchase was for later on and how it should be entered for your accountant.

What tricks do you use to keep your accounting processes organized?

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