Organize Business Receipts in 4 Simple Steps

It can be a struggle to organize business receipts, but this task doesn’t have to be difficult or time consuming. You can record, organize, and store your business receipts with just a few steps, and they’ll be easily retrieved and well organized when you file your taxes. Let’s take a look at the four simple step to organize business receipts!

 

Organize Business Receipts in 4 Simple Steps

You don’t have to dread tax time any longer! This easy process will help you to log and organize your business receipts quickly and without the struggle so common to dealing with business financials.

If you have a large stack of receipts to log and organize, this process may take some time and energy. But once it’s set up and you implement a regular receipt logging routine, it will be a breeze!

#1 Round ‘Em Up, Order, and Number

The first step in this process is to round up all of your business receipts. Check your wallet, your computer bag, the counter, your desk, the kitchen table, your bathroom counter, your nightstand, and anywhere else you might have dropped them.

Now, put them in chronological order, oldest first.

Finally, number your receipts. Start with the oldest receipt and write #1 at the top prominently, then continue through the stack, adding #2, #3, #4, and on and on until you make it through the entire stack.

I like to use a red felt tip marker for this step. Use what you have and like, just make sure you can see it easily!

If receipts aren’t the only paper cluttering up your office, check out this post and Eliminate Paper Clutter for Good!

#2 Create an Excel File

Now that you have all of your receipts corralled, sorted chronologically, and numbered, it’s time to create an Excel File (or something similar). I name my receipt logging file the same thing each year: “Business Receipts [Year].” You could also do something like “Business Tax Receipts[Year].”

Save this file in a location that you’ll remember. I have a file called “Business Financials,” and I keep all of my financial information in this file.

Set your Excel File up with the following columns (in order from left to right):

• #
• Payment Type (Credit Card, Debit Card, Paypal, etc.)
• Date
• Expense
• Category
• Debit
• Total

I like to use Categories, because it makes tax time SO easy!

When it’s time to file taxes, just sort your Excel Spreadsheet based on the Categories column. Then you’ll have all of your office supplies expenses in one section, all of your auto expenses in another section, and all of your client expenses in one section, etc.

If you use the SUM formula, then Excel does all of the addition work for you. And that makes you even more efficient!

Digital clutter got you down and disorganized? Kick Your Digital Clutter to the Curb with the steps in this post!

#3 Log Receipts

Start logging your receipts in the Excel Spreadsheet. Begin with #1 and progress through each receipt.

If you have a lot of receipts to log, complete this step over several different sessions. Baby steps, right?!

Another way to use your computer to organize your business? Use Google Calendar! Learn more in this post: How to Organize Your Home Business with Google Calendar.

#4 Store Your Receipts

Once you’ve logged your stack of receipts, place them in a large envelope labeled “[Year] Tax Receipts” (or something similar). I try to keep them in numerical order, so that if I need to refer to one prior to tax season, I can find it easily.

Place your envelope in an assigned location, and your receipts will be safe and sound until you need them again for tax time!

I keep my envelope of receipts in my Tickler File.

To learn how to set up your own Tickler File and more about how to use it, click over to this post: Get Organized with a Tickler File!

Create a Regular Logging Routine

If you’ve been around Calyx and Corolla for any length of time, you know how crazy I am about routines!

Routines make your life easier. They save you time and energy, and they make you more efficient.

This chore is no different. You have to build a regular receipt logging time into your schedule or this system won’t work for you.

I place any business receipts that need logged in my “Computer Work” Action File. That way I know exactly where they are when my weekly logging time block rolls around!

I log receipts on Friday afternoons, because that’s when I pay our household bills. It’s easy to open my Excel Spreadsheet, number, and log my most recent receipts when I’m all ready in the financial mind set.

Find a regular time that works best for you, whether it’s daily, weekly, or monthly.

And don’t forget to add it to your calendar, so that you’re reminded whenever you look at your calendar. Plus, if you use a digital calendar, you can set alarms to remind you to organize business receipts!

Want to learn more about Action Files and how to use them in your office? Check out this post: How to Use Action Files to Manage To-Do’s!

Bonus Tips

I use this same system for tracking my income, too!

You can also adapt this system if you prefer to store your receipts electronically. The scanning piece becomes step #5. Depending on your comfort level, you may want to  keep a hard copy of your receipts as well. You can store them in an envelope.

Completing these 4 simple steps on a regular basis will help you to organize business receipts quickly and painlessly. And tax time will be a breeze, because all of your receipts will be easy to find, organized, and logged!

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