- Keep all receipts for business expenses in one place. Filing them as soon as they are received will cut down on lost receipts.
- Consider keeping a notebook in the car to record information on business trips, including dates, purpose and total kilometres.
- Keep personal and business banking separate, eliminating any question regarding which expenses are which, come tax time.
Thursday 3 October 2013
Regardless of what sort of business you run, paperwork, receipts and tax records are bound to pile up. Combining these with your own personal financial paperwork can be an administrative nightmare if it gets out of control. Then, when tax time rolls around, or you're looking to apply for a mortgage