Has this ever happened to you? You purchase something for your business, and you have no idea what to do with the receipt. So you collect them. Or you toss them.
Have you ever thought about how many receipts you receive in a week, a month, a year? They are annoying, take up space in our wallet, file folders, or the dreaded receipts box. Alternatively, many of them collect in our email.
Receipts are important to keep, however, the IRS does not require them. However, if you face an audit, you will need to prove the expense. The easiest way to justify an expense is with the actual receipt.
Yes, It's Annoying
Saving receipts can be a pain, yes, I know. However, if you have a system and a process, you can save a receipt in about 15 seconds. But why should you save receipts in the first place?
Have you ever approached tax time, scrambling to update your bookkeeping software? Did you have questions about expenses and what they were for? Could you...