People have all sorts of different methods – we see it all, from boxes of receipts to excel spreadsheets to no receipts at all.
As your tax preparer, we do not need to see your receipts if you keep track of the information elsewhere, since we are not here to audit you. However, the IRS does require business owners to keep their substantiation (aka receipts) to support business deductions in the case of an audit.
As a business owner, the last thing on your mind is to neatly organize your business receipts – we understand that. This only makes it more important that you find an efficient and effective way to keep track of your receipts.
We recommend finding an application on your phone that works well for you. We have found that CamScanner is a quick and convenient way to capture all your receipts so you don’t have to worry about losing them or keeping paper copies. You can take a picture on your phone, and save and store as a PDF document.
There are also many other apps out there that support a similar function, so we recommend finding the right one for you and begin using it today!