We’re almost through tax time, and many small business owners took out the box of receipts and finally did last year’s paperwork. This year’s receipts go into the box and won’t be looked at until this time next year.
But you might be shortchanging your business if you don’t keep up on the paperwork. After all, by making a concerted effort to put the receipts into your accounting software/ledger on a monthly basis you will be giving your business the best gift of all–information. You will know how much you’re making on a monthly basis. You can track expenses. You will be more attuned to your business’s ups and downs.
Make time on a monthly basis to do your paperwork. The time you spend, whether it’s an hour or four hours, will yield you so much more for your business.