Whether you have a full-time Virtual Assisting business or do it as a side hustle, chances are you've found yourself wondering what the heck to do with all of your business receipts. The seemingly never-ending stream of paperwork can be overwhelming, leaving you wondering if there's a simpler way to handle this important part of bookkeeping. Don’t worry, I’m going to break down tips for managing receipts for your online business.

02:04 Tips for Managing Receipts

02:53 Organizing Receipts Digitally

04:02 Using Accounting Software for Receipt Management

05:24 Why Keeping Track of Receipts is Crucial

06:06 Conclusion and Recap

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Hey, hello.

How are you doing mama?

I am just going to jump right in here.

We are going to continue talking about money and how to track

the money in your business.

I talked about that a little bit in the last episode, we kind of talked about

the overall keeping track of the money coming into your business, the money

going out, your income and your expenses.

And today I really want to focus on receipts.

That has to do with obviously the money that you're spending in your business.

That is the expenses side of the business.

I know that this is something that people struggle with is you get these

receipts, you have all this paperwork.

You're like, oh my gosh, there's all these papers here.

How do I really keep track?

A year is a long time, 12 months, 365 days.

You need to track all of that so that when it comes tax time, you're able to

either do your taxes yourself or hand that information off to your tax person.

What I want to stress today is when you get these invoices and receipts

for expenses in your business.

I want you to make sure that you keep every single last one of them.

I know that that can make you crazy.

And in a digital world, it is hard to imagine that, but I hold on,

just keep listening because I do have some tips for you to handle this.

Really anything that you are spending money for on your business, if it's

marketing expenses, office supplies, office furniture, something like

software, hardware, Anything if you're running ads for Facebook,

taking prospective clients out to eat, meeting with your actual

clients, attending programs where you're doing some sort of networking.

I want you to keep track of any money that you spend for that.

If you are taking any courses, anything that you are doing to spend

money directly for your business, you need to keep those receipts.

Okay, so we're going to keep all these receipts.

But like, what are we going to do with them?

One thing that you can do is you could take a photo.

You can take a picture.

Put your receipt on your smartphone.

You can capture the details that way so that you do have it at your fingertips.

It is a digital copy of that way so that you don't have to

have a bunch of hard copies.

And so that does say that physical space that some of

those receipts can be taking up.

Also look at some receipt management apps.

I know that there are several apps out there where you can snap that picture

or whether your phone does like a quick scan of it and find one that really

works whatever your preference is.

That's something that then can be uploaded onto different programs.

For a little bit more of a traditional approach.

You could do a combination.

Now, a lot of my receipts actually come in from email, so they're already electronic.

Someone will send me a PDF or I'll pay something via.

PayPal or Stripe or however it may be.

And then I get a receipt, a digital receipt for that.

What I do in that case is I have a folder, a dedicated folder on my

computer for all of my receipts.

Now I do this with my emailed receipts that are already digital.

And I also do it with my physical receipts that I, you know, kind

of take a picture of or I scan.

I have them in a financial folder and I save them so that they are saved by year.

And then by in folder, I have them saved by month also.

And I have them in date order because that way, it makes it so much easier

for me to go back if I do need to find something, it is really easy

for me to find, instead of having to wade through and figure out like, oh

my gosh, what did I spend on that?

Or, you know, whatever it may be.

It's just so much easier to have a system that's really easy to make you

pinpoint exactly what you're looking for without wasting a ton of time.

Personally, when it comes to accounting and bookkeeping and

keeping track of my receipts.

I talked about this a little bit in the last episode I used

the program Xero it's spelled.

It is spelled X, E R O.

And that's an actual accounting program.

Like I said, you do not have to use an actual accounting

program in your business.

You can do a spreadsheet.

It works just as well.

I like having this software program.

And a bonus for me is that it also has an app called Hubdoc.

And in Hubdoc I'm able to take the picture in that app of my receipt.

And then it links seamlessly with Xero and somehow I'm able to categorize

the expense, right away in there.

So it does save me a little bit of time that it's a seamless process.

I like Xero for a number of reasons.

It's really reasonably priced.

I think it's pretty cost-effective it is not free.

There is a monthly fee, but it's really to me it is a low cost option.

It's really user-friendly.

It's intuitive.

I didn't have to take a lot of time to learn what I was doing, there wasn't

a huge learning curve and they really have great customer service, which is a

huge plus for me, is to be able to have that ability to get some help if I do

need something with that's a little bit more confusing or complicated for me.

And just a reminder, the reason why it is so important to keep

track of these receipts for your business is you want that write off.

When it comes to tax season, you want to have a complete financial picture.

You want to know how much money is coming in to your business, how much

income you are making and how much expenses you have what money you are

spending of your business income.

So keeping track of the receipts helps with that.

It also does help at tax time, the benefit of being able to keep these

receipts and then using those as a write-off every little bit counts.

So we really want to make sure that we are tracking every single

little bit of our business.

That is all I have for you in this episode.

I hope you enjoy learning a little bit more about options to tackle those

receipts that you have, but they don't have to take up a big amount of physical

space that you can digitize them.

And I will catch you in the next episode.