Tips and Tricks For Managing Receipts When You Are Really Bad at Keeping Track of Receipts

Do you constantly ask yourself “Where the heck did I put that receipt?” Maybe you find a crumpled up piece of paper on your floorboard and start to feel hope. You open it up but it’s bleached beyond recognition so you can’t actually read it. You throw your hands up and start searching somewhere else. Maybe you always end up scrambling when it’s time to see your accountant. If this sounds familiar then this post is for you. With a little technology and self discipline you can save yourself a lot of time and anxiety down the road.

First Thing, Download a Receipt Capturing App.

There are plenty of these to choose from and they are inexpensive. I suggest using Expensify, but there are similar apps too like Shoeboxed. It takes about 5 minutes to set up an account. Expensify costs $5.00 a month and will make your life a lot easier.

Anytime you purchase something for your business, as soon as you get in your car, open the app up and take a picture. Add any extra details about your purchase (i.e. paid with debit, credit, cash? What was it for?) and you’re done. Ordered something online and your receipt is in your email? Just forward it to the app.

While this takes an extra minute and may seem like a hassle when you are in a hurry running errands, it really will save you time in the long run. Make it a habit and you won’t even think about it after a while.

Next: Make Dedicated Spaces for Invoices and Receipts

Screw a wall mounted file holder up at your business. Buy a coupon saver and store it in your glovebox. Do whatever makes sense for your workflow, but make dedicated spaces for your invoices and receipts. Train yourself and your employees to put these items in their designated spots.

Lastly, Update You Expense Accounts Frequently

Whether you have a bookkeeper or not, do update your expense accounts frequently so that you have accurate and current financial balances. If you are keeping your own books, set aside a hour or so a week to reconcile your accounts.