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Why is it important to keep receipts?

Good morning!

Last week we talked about setting up a filing system for your receipts and invoices. You maybe thinking “Why is it important to keep these receipts in order?”

Here are five reasons:

  1. You need these records to be able to prepare your financial statements. These statements tell you how your business is doing – are you making a profit or a loss?
  2. You need to keep track of those deductible expenses.
  3. You need these records to prepare your tax returns.
  4. You need this information to back up your deductible expenses on your tax returns.
  5. If you need to find a receipt you need to be able to find it easily, you don’t want to have to spend hours looking for it.

Hopefully this will encourage you to get your filing system set up. If I can help you in any way with this, please email me at kerry@abacusbookkeepingfl.com and I will help you get organized!!

 

 

25 Responses to Why is it important to keep receipts?
  1. Olga Hermans
    June 27, 2012 | 1:42 pm

    Again great information; you give us keys for the simple little things. I am following up on all of them; thanks!!

  2. Becky Fisher
    June 27, 2012 | 5:52 pm

    Oh, your photo is so nice and organized. I get organized and then lose track and still end up drowning in receipts!

    • Abacus Bookkeeping, LLC
      June 27, 2012 | 10:08 pm

      Thanks Becky! The secret is to keep on top of it and file everything on a regular basis. Or send it to the bookkeeper!!

  3. denny hagel
    June 27, 2012 | 9:30 pm

    I have a poster above my desk at our office that says “RECEIPTS Please!” …thanks for a great post!

  4. Mandy Edwards
    June 27, 2012 | 10:46 pm

    I keep everything – I just need to move in an organizer!

  5. Lorii Abela
    June 28, 2012 | 4:01 am

    Great info about how important it is to keep our receipts. Thanks for sharing.

  6. Dr. Sarah David
    June 28, 2012 | 5:25 pm

    Great post Kerry! It is so beneficial to stay organized with all of the receipts. Is there any particular iPhone app you may recommend to track receipts? Thanks for sharing!

    • Abacus Bookkeeping, LLC
      June 28, 2012 | 8:34 pm

      Hi Sarah! I don’t use an app for tracking receipts, I’m on old fashioned laptop girl for my bookkeeping! I don’t imagine that those apps will give you the financial information needed, I.e. net profit etc. so my concern would be entering everything in to an app than entering it again into a bookkeeping program. Have you tried any apps? Is there an app that you like and use?

  7. eliazabeth
    June 30, 2012 | 12:17 am

    I my I need to keep records and do a better job πŸ™ I still haven’t got my tax stuff together πŸ™ yikes!

  8. elizabeth
    June 30, 2012 | 12:18 am

    I’m a terrible book keeper and I need to do a better job! Thanks.. I’m going to do better with this!

    • Abacus Bookkeeping, LLC
      June 30, 2012 | 11:25 am

      I know so many hate doing their bookkeeping but it is so essential. If you need help setting up a system please let me know.

  9. elizabeth
    June 30, 2012 | 12:20 am

    oh i need to get after it and do better πŸ™ I have to get it together and do a better job with my book keeping πŸ™

    • Abacus Bookkeeping, LLC
      June 30, 2012 | 8:07 am

      I know it’s not everyone’s favorite thing to do, it’s just one of those necessary parts that gets bigger and more important as your business grows. Much easier if you can get a system going now! Message me if I can help in any way!

  10. Susan Myers
    June 30, 2012 | 9:51 am

    Great tip Kerry, I have the same system as you describe above. It works!

  11. Michael McDonald
    June 30, 2012 | 10:33 pm

    Dang I seriously need a system like that. My bookkeeping is a disaster. Thanks for the reminder.

    • Abacus Bookkeeping, LLC
      July 1, 2012 | 5:59 pm

      Lol! Don’t keep putting it off – it will only get more overwhelming! You can do it!

  12. Edmund Lee
    July 3, 2012 | 2:21 am

    Definitely not my favorite thing to do! Yuck! I hate it! The visual you provided sure makes it look easier, but still don’t like it. Yuck!

    Did I say yuck enough? =)

    • Abacus Bookkeeping, LLC
      July 3, 2012 | 6:31 am

      Lol! So I take it you don’t enjoy bookkeeping? I was kind of getting that impression!! That is one reason to outsource your bookkeeping – spend your time doing the things you love!

  13. Jennifer
    July 4, 2012 | 6:45 pm

    Thanks Kerry, you’ve definitely inspired me to get a filing system set up. As much as I dread doing that, I know it will make my life so much easier in the end!

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