Stop Saving Receipts!
As an accountant, I hate receipts!
I’m sure you hate getting, saving and organizing them too!
For years we have been trained to save our receipts. “Don’t miss any business deductions”, we’ve been told. “Get a receipt”.
After a while, those receipts start to pile up. They’re in your vehicle console or they may blow out the vehicle when you open the door. At best, you organize them using a scanner or you put them in envelopes for your Bookkeeper or accountant.
Please stop saving receipts immediately!
PaperWerks recommends that it’s business owners use either a check or debit/credit cards for all expenses. If you only use these methods, then you will never have to save receipts! The transaction will show up on your bank or card statement and that’s good enough for the IRS!
Don’t use cash to make purchase or you will have to get a receipt to document that transaction. Cash purchases require receipt saving.
Your bookkeeper or accountant will love you if you make this simple switch. Plus, it will make your life much easier!