How Do You Track Receipts?
Are you making it harder than it needs to be?
Tracking receipts is an important aspect in your small business, but did you know that the IRS says:
‘You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses. Additional evidence is required for travel, entertainment, gifts, and auto expenses.’
Notice that the IRS did not say that you must have some complicated system in which you must keep all your receipts. Yes, there are marvelous apps that help with receipt and expense tracking, but they are not required.
It is simply required that you keep your receipts, somewhere, somehow. This could be as simple as a file folder for paper receipts, or an email folder for electronic receipts.
However, if you are wanting a more advanced way to track your receipts, here are a few apps that you might find helpful:
Divvy, which is a credit card and receipt platform all in one.
Regardless of the method you choose, it is important to keep receipts organized and easily accessible for tax and accounting purposes, and to ensure you are following tax regulations.
If you would like help with your receipt management, Im here to help!