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Thursday, July 20, 2017

How to Manage Your Monkey Bookkeeping

Each year, small businesses must get their taxes ready to file.  One thing that is necessary is to categorize all their expenses into the proper categories so that whomever prepares their tax return can see which expenses are deductible and which are not.

Software programs like Quickbooks or its country cousin Quicken make it easy for a small business owner to do their own bookkeeping while at the same time balancing their checkbook and managing their cash flow.

Yet, there are still business owners who take their paper sack full of receipts to their tax preparer and say, “Here ya go.”  This is a waste of the tax preparer’s time, for which he bills.

There are still those small business owners who would rather have someone else plow through their receipts and categorize them.

That is where you come in.  If you have just a little bookkeeping knowledge and a spreadsheet program like Excel, you can help the small business owner and earn a little extra coin on the side.

Instead of taking his grocery bag of receipts to his tax man every year, he can bring them to you or have you pick them up once per month.  This way the receipts have not yet faded, hopefully.  You can provide a little extra service by scanning these receipts into your computer so that there is a good readable copy if needed later.

If you are able to get the receipts in a timely manner, that is before they fade, you should be able to scan and record a month’s worth of receipts in just a few hours depending on the volume of receipts. 

At the end of the year, you can provide a breakdown of the year’s expenses by the month and category.

This is a win-win-win situation.  The small business owner can have a little better snapshot of his expenses each month and, by doing it monthly, he will be able to minimize losing deductions due to illegible receipts.  

The tax man wins because he can concentrate better on preparing the taxes and finding deductions and you win because you have a little side money to help get those financial monkeys off your own back. 

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  1. That is a good idea to scan receipts.

    1. Thank you, Ellen. Yes, these thermal receipts we get now fade too fast. Have a great week.


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