Yesterday heralded the start of the 2015/16 tax year so this year why not make sure you start as you mean to go on. Simple discipline will help you save time, money or just make things that little bit easier when managing your books over the year ahead.
The best time to record an expense is as soon as you spend the money. Most business owners and traders have smart phones, so don’t stuff the receipt in your bag or wallet never to be seen again, quickly take a photo on your mobile and upload it to a cloud drive ready for processing later. Or keep an envelope with you and make sure all receipts and paperwork get put safely away for later. If you don’t have a receipt, you can’t prove you’ve spent the money and therefore cannot claim it as an expense.
The best time to record an expense is as soon as you spend the money. Most business owners and traders have smart phones, so don’t stuff the receipt in your bag or wallet never to be seen again, quickly take a photo on your mobile and upload it to a cloud drive ready for processing later. Or keep an envelope with you and make sure all receipts and paperwork get put safely away for later. If you don’t have a receipt, you can’t prove you’ve spent the money and therefore cannot claim it as an expense.
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