The last blog post I talked about 3 Fast and Easy Ways to Track Receipts with Apps. This weeks post is for the non-technical user. You have now learned how receipt tracking saves you thousands of dollars and would like to begin tracking receipts. However, you prefer to use a non-app method. I will cover 3 receipt tracking options for you!
I often hear the following questions about receipt tracking. “Why and how am I supposed to do this?” “Do I REALLY need to track receipts?” “Is it that important?”
I know it might seem like it's not a necessity, but once you develop the habit, it will be easy! And the benefits of tracking receipts can actually motivate you and get you excited! Yes, can you actually get excited to track your transactions and receipts!
According to the IRS, you cannot deduct cash expenses over $75 if you don’t have a receipt. So as a conservative figure, if you missed out on only one deduction a month (for $100), that equals $1,200.00 in missed deductions.
No receipt = missed a deduction
Therefore, receipts become a very important document to help you save money. Receipt tracking should take only 5 to 15 minutes and helps to save you thousands of dollars. A healthy business thrives from the cash flow available to grow and support your business. But, how will you know your actual spending if you're not tracking ALL the expenses? And many times we can forget what we’ve spent when we’re paying by cash and not keeping the receipts.
What if you are not into Apps (Applications)? What are your options?
This is commonly referred to as the shoe box, folder, or spreadsheet accounting. You keep all receipts and usually drop them into a folder or shoebox to handle later. Fine with me! The point is you are tracking expenses! However don’t forget to send all of the receipts to your Accountant, Bookkeeper, or Assistant to enter. Consider a scanner or even take a pic with your phone for digital copies. The ink on paper receipts fades so you will want a digital copy.
I would love to talk with you to give you more individual insight on finding the method that works for you. I also offer training on how to use the apps.
Receipt tracking is an easy money saver and can take no time at all to do!
Tracking receipts using the software throughout the year will save you time and money during tax season. Tax preparers charge more to prepare taxes to scan and organize receipts.
3 Examples for tracking receipts and recording expenses. (Videos)
Recording expenses in Zoho (Video)
Using Evernote for Receipts (Video)
Recording an Expense In Xero (Video)