Do you keep all receipts and business expense reports?

[Grant]

Do you keep all of your business receipts and expenses? I have a folder in a box full of receipts and paid expenses. I like to have my info accessible to me at any time, so if I need said info, I can grab it and show to whoever needs it. I think it's good to keep handy, because if you do taxes for example, you want to know all the expenses and earnings right?

 

[HK World]

Do you keep all of your business receipts and expenses? I have a folder in a box full of receipts and paid expenses. I like to have my info accessible to me at any time, so if I need said info, I can grab it and show to whoever needs it. I think it's good to keep handy, because if you do taxes for example, you want to know all the expenses and earnings right?

Keeping track of business receipts and expenses is indeed beneficial. To ensure you capture all relevant information, consider using digital tools like accounting software or mobile apps specifically designed for expense tracking. These tools can streamline the process, automate certain tasks, and facilitate better organization of your receipts and expenses.

 

[Kane]

I keep the receipts of business expenses until my accounts are audited. Once audited, I discard all the receipts. It is not possible to keep all the receipts. However, I do keep the receipts of all my due payments.

 

[ghxstvecna]

According to Forbes1, the IRS requires that you keep all paper receipts and other documents, such as bank statements, for at least three years. So, use folders to store paper receipts and remember to include the purpose of each purchase on the receipts.
However, according to A Touch of Business2, you don’t need to keep receipts for all your business expenses. The IRS requires you to store only those with an amount of $75 and above. This rule, however, does not apply to lodging expenditure. You need to file receipts for all lodging expenses, whether below or above $75.

 

[Good-Person]

I keep the receipts of business expenses until my accounts are audited. Once audited, I discard all the receipts. It is not possible to keep all the receipts. However, I do keep the receipts of all my due payments.

Unfortunately, not all the shops offer receipts in my country. This leads me to manually record all of my expenses or remember how much cash I spent. I do not use bank cards.

 

[Heatman]

Do you keep all of your business receipts and expenses? I have a folder in a box full of receipts and paid expenses. I like to have my info accessible to me at any time, so if I need said info, I can grab it and show to whoever needs it. I think it's good to keep handy, because if you do taxes for example, you want to know all the expenses and earnings right?

Documentation is something that is very important in any kind of business because it is going to help you to keep records and be able to monitor the flow of everything that goes on in your business in such a way that they will not lose track of anything.

 

[Mostee501]

It is recommended to keep receipts and business expense reports as they serve as evidence and documentation for the expenses you or your business incur.

 

[Heatman]

It is recommended to keep receipts and business expense reports as they serve as evidence and documentation for the expenses you or your business incur.

It is the smart thing for you to do when it comes to keeping all your business transaction receipt because it is going to help you to have a proper documentation about your business if you want to carry out any kind of audit.

 

[Good-Person]

Documentation is something that is very important in any kind of business because it is going to help you to keep records and be able to monitor the flow of everything that goes on in your business in such a way that they will not lose track of anything.

Documentation is a pretty wide term. It involves saving and utilising various kinds of documents such as invoices, quotations, drafts, files, and many other things that might be required by a person in the office. So, they are all important for keeping records.

 

[Heatman]

Documentation is a pretty wide term. It involves saving and utilising various kinds of documents such as invoices, quotations, drafts, files, and many other things that might be required by a person in the office. So, they are all important for keeping records.

If you don't take your business documentation serious as the owner, there is always a very big chance that some of your workers who are smart enough is going to take advantage of it and do some funny things that is going to enable them to steal from the business.

 

[Good-Person]

If you don't take your business documentation serious as the owner, there is always a very big chance that some of your workers who are smart enough is going to take advantage of it and do some funny things that is going to enable them to steal from the business.

I think that maintaining a proper record of documents is a very important thing. The fact of the matter remains that you may also need to get your company registered and keep the records with you and this also involves registration certificate as well.

 

[Heatman]

I think that maintaining a proper record of documents is a very important thing. The fact of the matter remains that you may also need to get your company registered and keep the records with you and this also involves registration certificate as well.

I would actually say that it is a golden rule when it comes to doing business with the use of documentation because you can't be able to foresee any progress in your business without proper documentation in running the business.

 

[Good-Person]

I would actually say that it is a golden rule when it comes to doing business with the use of documentation because you can't be able to foresee any progress in your business without proper documentation in running the business.

Apart from documentation, other things should also be considered in the first place. There are many other things such as business practices that are also quite important. I have discovered that there are a few companies that engaged in many unethical practises. This also involves some companies that had nothing to do with medical practices, but they made it look like they are manufacturing medical products that could benefit people.

 

[Heatman]

Apart from documentation, other things should also be considered in the first place. There are many other things such as business practices that are also quite important. I have discovered that there are a few companies that engaged in many unethical practises. This also involves some companies that had nothing to do with medical practices, but they made it look like they are manufacturing medical products that could benefit people.

Any business owner who is engaging in unethical practices is exposing his business to a serious danger of being back checked and probably shut down if it is something that encroaches on the legality of business operation.

 

[glitch]

I like to track everything I spend and everything I have coming in as well. I do this all digitally though as it would be a pain to manage papers at this point given how small my home office is.

 

[Good-Person]

Any business owner who is engaging in unethical practices is exposing his business to a serious danger of being back checked and probably shut down if it is something that encroaches on the legality of business operation.

Well, apart from that, such kind of business always risk getting prosecuted in the court. We have many such kind of examples of big companies' owners facing criminal charges in the court, as they were sued by the investors. Have you heard about the Theranos company?

 

[Heatman]

Well, apart from that, such kind of business always risk getting prosecuted in the court. We have many such kind of examples of big companies' owners facing criminal charges in the court, as they were sued by the investors. Have you heard about the Theranos company?

Yes of course, I have heard about the Theranos company and what they did with intentionally misleading their investors and patients. The blood testing machine doesn't provide accurate result. They also lied about the scale of the company's profit.

 

[Syldan]

Yes and I consider such as a documentary or documentation process which helps me to find out any form of misunderstanding more easier because the receipt are well kept.
It helps a business to know how much it spend and how it spend it income.

 

[Heatman]

Yes and I consider such as a documentary or documentation process which helps me to find out any form of misunderstanding more easier because the receipt are well kept.
It helps a business to know how much it spend and how it spend it income.

Some customers are prone to giving you serious problem when it comes to payment especially if you are selling your products on credit to them.

This is why having a very good documentation of the receipts used for the transaction kept always so that you will not miss out any money the customer owes you.

 

[Good-Person]

Yes of course, I have heard about the Theranos company and what they did with intentionally misleading their investors and patients. The blood testing machine doesn't provide accurate result. They also lied about the scale of the company's profit.

The owner of the company is facing charges and they are being prosecuted as well. The fact remains that despite being wealthy, the owner was prosecuted. The justice system should be strong and they must treat poor and rich equally. if a person violates any law, then they should be dealt with in the court.