Tax season is in full-swing, and it's a great time to re-evaluate your bookkeeping habits. Let's talk about receipts. According to the IRS, bank statements alone are not enough documentation to support expenses you claim on your taxes. Were you good about keeping receipts for your business expenses in 2015? Where are these receipts stored? How would you fare in case of an audit?
With QuickBooks Online and other cloud technology, you can stay on top of your receipts throughout the year. QBO links to your bank and credit card accounts to automatically retrieve each transaction. With this technology and a phone, you can take a picture of your receipts right when you make a purchase and attach the file to each transaction directly in the QBO bank feed. Go ahead and toss the physical receipt - the IRS recognizes electronic receipts as well as paper receipts. If you don't have time to upload the receipt right away, use the Google Drive Scan widget for Android or Upload Cam for your IPhone to sync receipts directly to a Google Drive folder. Then when you get around to your bookkeeping, electronic copies of all your receipts are stored in one place for easy uploading. If you rarely get around to your bookkeeping, share the Drive folder with us, and we'll do the rest! Receipt delivery without the shoebox. It's a little late for New Year's Resolutions, but it's still a great time to decide to stay on top of your bookkeeping in 2016. If you are like the many business owners who simply don't have the time or desire, give us a call. We offer very reasonable pricing for one-time clean-up as well as monthly bookkeeping maintenance.
1 Comment
|
AuthorSavanna Rucker, Owner ArchivesCategories |