How Do I Keep My Records Together When I Am Always On The Go?

Wouldn’t it be nice if you never had to look for a receipt? And if you did, wouldn’t it be nice if it took less than a minute to find it? There are a few strategies you can use to keep yourself organized even when you are always on the go. If you want to be more organized, it takes practice to make a habit. Once it’s a habit, it will automatically be something that you just do. Starting this habit at a young age insures that we will be better prepared for the business world and tax planning. Although, it is never too late to get started.

It seems that receipts add up fast when we are out living our day. Using a monthly envelope system can help. At the beginning of each month, put a new envelope in your car or your bag to contain all receipts. (This will save you time cleaning up and keep all your receipts within easy reach.)

Then when the month is over, put that envelope in an archive box (shoebox, banker’s box, file cabinet) or a 3 ring binder divided by month and start a new one. Do this every month and you will have a complete set of records at year end. Everything is labeled and in one place. This is really helpful when pulling tax information together or when you need a receipt for a store return.

You could take this system a step further and track the expenses on the front of the envelope by day and category. Creating this monthly expense report is a fast and simple. It only takes a few minutes each day and is necessary if you do not use an accounting system such as QuickBooks, or Excel for tracking. Clip each category together by store name or date to keep each month better organized.

You can use a regular envelope, a small manila envelope (you can find these at the office supply store with an expense tracking template already set up for you), or a larger blank envelope where you can also store your monthly bank statements and utility bills for efficiency. Whichever envelope works best, label it with the month and year. At the end of the year, you will have 12 envelopes containing your financial story.

If you are collecting these receipts to give to your bookkeeper each month, this will cut down on lost or missing receipts and allow you to take advantage of every expense with back up records stored for easy access. To accurately use an expense, there must be backup. Without this proof, expenses can be disallowed from your tax return in an audit.

I am here to help and answer any questions that you have. You can subscribe to my blog for future information or send me a message on my Facebook page at http://www.Facebook.com/ProjectDone which I will gladly answer. If you feel that you need additional help, you can contact me by email and we can set some time aside to get your numbers to work to your advantage!

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