How To Organise Tax Receipts
Can you relate to this? Every year you make a promise to stay on top of tax receipts only to find some months later the system has let you down. With the end of the financial year fast approaching, here are a number of practical tips to get you organised in no time.
1. Find a system that works for you: Some clients use manual files and others electronic systems scanning receipts into virtual folders. It needs to be easy to use and access. Often clients set up complicated systems that involve too many steps – something as simple as a drop and go file can do the trick just as easily.
2. Stick to one system: Often clients have a combination of electronic and paper systems and can’t seem to find what they need. One system makes all the difference.
3. Where do receipts accumulate? Allocate a place in your wallet to temporarily store receipts. A small concertina filing pocket in the car is also another good option if making multiple purchases.
4. Have receipts emailed: Organisations such as Officeworks can do this for you; just ask at the checkout.
5. Email diverts: Setting up your inbox to automatically divert receipts to nominated folder can be a huge time saver.
6. Scanning: If you find this a “taxing” chore, consider outsourcing– there’s a number of organisations that specialise in this area or a good Virtual Assistant may be able to get the job done for you.
7. Xero: Incredibly easy to use accounting software packages that not only tracks income and expenses, but it seamlessly integrates across all devices so you can use it on the run. One of my favourite features is the snap and go which easily stores receipts in the one place, making tax time a breeze.
8. Phone Apps: There are a number of good ones available making scanning receipts a breeze.
Disclaimer: This is general organising advice only and is not intended to be legal or financial advice. As always, Dr DeClutter recommends seeking the advice of your tax accountant