July’s finally here and it’s a time when you often find yourself asking this question: Where are all my receipts hiding?
It’s too late for me to give any advice because if you haven’t kept track of them, you’re just going to find me annoying.
By this time, you’re probably wondering whether you need to start ransacking your home, car and office to find all the missing receipts.
This year, I’d like you to start a new resolution. Firstly, concentrate on gathering all the records of the last financial year. Remember to review your emails as many suppliers now send bills electronically. Create a folder for them.
By completing your September, December and March BAS, these records are three-quarters of your year. If you have them in hand, then the information you need to find is only for the last quarter, which is from April to June. Now, doesn’t that feel less stressful?
These tips help you keep a record of all your business transactions easily.
Are you using accounting software for your business? Do you record your transactions regularly? Take advantage of modern accounting software. With MYOB Essentials, the majority of your receipts can be entered directly and securely into the software when you link your bank account.
You don’t need to be an accountant to get MYOB Essentials up and running. There is no software to install or update as it is browser based. It is super easy to set up and start keeping track of your business.
Ask for help before things get out of control. Talk to a bookkeeper. They can help with data entry, sorting your records, and setting you on the right track. The key to success lies in committing to a system that makes record keeping more like a daily habit than a chore.
So, let’s talk again next year. Hopefully, you will be able to tell me how successful you have been at keeping track of your receipts.