Don't Forget
Devise a filing system
It's the small costs, like local advertising and postage that are harder to keep track of. There are lots of small receipts. Put all receipts into
appropriately labelled plastic sleeves in a lever arch folder that's also divided on a month-by-month basis.
If something is paid for by cash the receipt goes into the cash sleeve, if by bank account into the bank-account sleeve and if by credit card,
into that sleeve. Every time you get a receipt make a decision about which folder to put it in. If the receipt doesn't state what was purchased
immediately write on it what it was for.
Separate business from domestic expenses
If you run your business from home there are often mixed expenses. You might have bought one item for the business alongside all your food
for the week. All those expenses add up too, so tag the business items on the receipt with a tick and then put that into the relevant sleeve as well.
Use a computer and back up data regularly
Accounting packages prove very helpful. They allow for categories such as marketing, administration, telecoms and stationery,
so you can enter the relevant figures from the filed receipts directly into the relevant category. It really helps keep track of how
much you’re spending, on postage for example.
Keep customer-order records on the system too.
It's can be very useful to know who's buying what and when. It's important marketing information. Don't forget to back up!