I have a tip for you that you need to start doing NOW! I promise you, if you start doing this today, you will thank me a million times over come this time next year!
What is it? Simple: make a note on your receipt.
That’s it; it’s that easy.
I know this isn’t breaking news, and it might seem like a no-brainer when it comes to keeping your finances organized. And, I’d be willing to bet that you’ve probably considered starting this habit and have told yourself that you’ll write that note later, or you’ll remember what the purchase was for when it comes time. But if you’re anything like I am, I forget to do it later and come tax time; I do NOT remember what the purchase was.
So, here’s your reminder: make a note on your receipts.
The note doesn’t have to be in great detail. Something as simple as lunch with a client or training meeting will suffice. You can even use abbreviations and short forms, such as MTG for “meeting” or TRV for “travel: – whatever makes sense for you. Jotting down a quick note will not only help you remember what the purchase was for when you claim your business expenses at tax time but, in the event that you’re ever audited, you’ll have the note right on the receipt. Because let’s be honest, with kids, life, house stuff, and a business on top of it all, if someone asks me what a receipt was for a year ago, I’m not going to remember, will you?
Keep a pen handy, either in your bag, your purse, or your vehicle and as soon as you get that receipt put your note on it. It might sound like a tedious task to write notes on every receipt, but it will become a habit and less time-consuming over time. You’ll find that when you organize your receipts, whether it’s at the end of every month, every quarter, or every year, this so-called time-consuming task has actually saved you time!
And saving you time allows you to spend more time on growing your business and turning that money sassy and sexy.
