2 Top Tips To Help You Better Track Your Expenses - PowerPoint PPT Presentation

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2 Top Tips To Help You Better Track Your Expenses

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Expenses are a major part of most small business owners tax filing preparations each year, and you can never be organized enough when it comes to keeping track of them. If you spend hours searching through drawers, boxes, and cupboards for receipts, then you can be confident that your ‘system’ requires updating. Fortunately, updating an ineffective expense tracking system is not difficult, it’s more about developing good habits and sticking to them throughout the year. – PowerPoint PPT presentation

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Title: 2 Top Tips To Help You Better Track Your Expenses


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2 Top Tips To Help You Better Track Your Expenses
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  • Expenses are a major part of most small business
    owners tax filing preparations each year, and you
    can never be organized enough when it comes to
    keeping track of them. If you spend hours
    searching through drawers, boxes, and cupboards
    for receipts, then you can be confident that your
    system requires updating. Fortunately, updating
    an ineffective expense tracking system is not
    difficult, its more about developing good habits
    and sticking to them throughout the year.
  • No matter how disorganized you are, here are two
    handy tips to help you keep better track of your
    expenses

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  • Put all your receipts into portable filing cases
  • Dumping a box full of receipts onto your
    accountants desk and expecting them to spend
    their valuable time (and your hard-earned money)
    sorting through them all, is not the way to go
    and will create problems for both you and your
    accountant.
  • Instead, as you get each receipt, pop it neatly
    into a portable filing case, and preferably, have
    a separate file for each month. That way your
    accountant can focus on getting you the most
    deductions and can do so in an orderly fashion.
    Essentially, you want to pay them for their tax
    expertise, not their sorting skills.

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  • Be sure to label files clearly, so that not only
    are you certain of what each file contains, but
    your accountant will be, too.
  • 2. Segregate your business and personal
    expenses
  • Such a simple concept, yet one that so many
    taxpayers forget, or cannot be bothered, to do.
    One set of folders should be for your
    business-related expenses, and one should be for
    all personal expenses. There are a wide variety
    of suitable filing systems available on the
    market to help you store and organize your
    receipts, so finding one should not be an issue.

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  • There are few excuses for keeping poor track of
    your expenses, and while you may occasionally
    forget to keep hold of a receipt, or forget to
    collect it from the cashier, once youve got it
    in your head that you need to keep them, most
    will be able to do it. Keeping them in an
    organized and orderly fashion is where most will
    slip up, but gradually it will become a habit,
    and when you see how much easier it makes life
    for your accountant, youll be further encouraged
    to be better organized.

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  • At Heyer Associates, we proactively assist our
    individual and small business clients in meeting
    their goals. Our key area of focus is ensuring
    that our clients remain compliant with federal
    and state tax laws by providing them with high
    quality accounting and tax preparation service
    Coral Gables. If you are looking for tax
    preparation service in Miami , Heyer Associates
    would be a right option.
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