July 28, 2021

Save all receipts and invoices for costs incurred in your business

It never stopped making me amazed how many relaxed small business owners were related to keeping their business documents and records. These include receipts and invoices for all business transactions, whether you compile your own business bookkeeping or you use a service accountant or a book holder that doesn’t store all your notes and keep them in a way that can be read to all kinds of problems.

It seems to be a recurrent problem of people working so hard in their business so they don’t spend effort to do their business.

If you don’t have a receipt, you cannot claim the cost of your business profit because you cannot prove that purchases are purchased with respect to business trading and, therefore, the cost that is permitted. This will be unavoidable to increase your tax liability.

In addition, if you use bookkeeping services or accountants to prepare your business books and their records will definitely burden you with hours for the work done and if they are looking for documents, call you and look for this difference will only add to their costs, so keep everything Invoice and your receipt is a valuable time and cost savings for your business. I can’t understand why people work hard to do work in their business and throw money by being so relaxed and negligent with your business part that is simple but important. It also distracts you from working in your business if you have to answer the phone to provide information and documents that you should have given to the first example, if you do your own books, you will soon realize how easier if you pay a little extra attention to this extra on Your documentation.

When you save a receipt and invoice, I always suggest you mark everyone who states how it is paid and indeed if the purchase is on an account with a supplier and not paid for this to be recorded, do this when receiving a receipt or invoice because it’s fresh in mind You and very easy to do. Also, save in chronological order and in readable conditions. I have lost the amount of empty paper (clear to the receipt) that I have given because they are on the vehicle’s dashboard and they have faded very badly. They really cannot be read.

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