May 26, 2006, Newsletter Issue #118: Taming Receipts

Tip of the Week

Does tax time make you shudder? CanŽt remember how much you spent or what you spent it on? Here are a few simple tips for keeping track of those business expense receipts:

*put receipts into envelopes (one envelope per month) as you receive them.
*put receipts into envelopes (one envelope per type of expense, ie: supplies, advertising)
*have a checking account or credit card just for your business and put ALL of your business transactions through it.

You will receive monthly (and sometimes annual) statements showing just who you paid and for what.
YouŽll have a much easier time sorting through it all at the end of the year (as well as being able to see
where you might adjust your spending).

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