How do you track your receipts?

As a business owner, you know that keeping track of expenses is essential to the success of your business. Not only does it allow you to manage your cash flow, but it also helps you save money on taxes. However, many businesses struggle to properly track and retain their receipt records. This can lead to lost or incomplete data, which can cause major headaches down the road. In this blog post, we'll discuss why it's important to properly track and retain receipt records for business expenses and how we can help you do this with HubDoc or QBO.

Why Properly Tracking and Retaining Receipt Records is Important

Properly tracking and retaining receipt records is essential for a number of reasons. First and foremost, it allows you to accurately monitor your expenses. This, in turn, allows you to manage your cash flow and make informed decisions about where to allocate your resources. Additionally, keeping track of your expenses can help you identify areas where you can save money. For example, if you notice that you're spending a lot on office supplies, you may want to explore alternative vendors or negotiate better pricing with your current supplier.

Properly tracking and retaining receipt records is also important for tax purposes. The IRS requires that businesses keep accurate records of all their expenses in order to claim deductions on their tax returns. If you don't have proper documentation to back up your deductions, you could be audited and/or fined.

How HubDoc and QBO Can Help

At Weeping Willow Business Solutions, we recommend using either HubDoc or QuickBooks Online (QBO) to track and retain your receipt records. Both of these platforms allow you to easily upload and store your receipts and other financial documents in the cloud. This means that you'll always have access to your records, even if your physical copies are lost or damaged.

Using these tools can save you time and reduce the risk of errors in your bookkeeping. Plus, because everything is stored in the cloud, you can access your records from anywhere, at any time.

In conclusion, properly tracking and retaining receipt records is essential to launch your business to the next level with confidence! By using tools like HubDoc or QBO, you can simplify this process and ensure that you always have accurate records at your fingertips. At Weeping Willow Business Solutions, we can help you set up and customize these tools to meet the specific needs of your business. Contact us today to learn more.