The Upbeat, Organized Home Office: Five Simple Steps to SORT and SUCCEED for an Organized Mind, Better Time Management Skills & an Office that Makes You Smile by Darla L DeMorrow

Author:Darla L DeMorrow [DeMorrow, Darla L]
Language: eng
Format: epub
Publisher: Blue Tudor Books
Published: 2020-01-04T00:00:00+00:00

Rid your Desk of Annoying Receipts

Small business owners love what they do (plumbing, professional organizing, creating art, whatever). But business owners usually hate things that business owners have to do, such as keeping track of receipts, paying taxes, and other administrative tasks that aren’t the fun part of their business. You can’t get rid of all the annoying office work, but there is an easy way to organize receipts and automate expense tracking. This will also work for many homeowners who have trouble keeping up with a checkbook.

A business owner friend told me that he’d just made his life easier by having his VA (virtual assistant) enter receipts into his accounting system. If you are working with a VA, hire them to do something amazing with their brain. Data entering receipts into a computer is not amazing.

But if having somebody else enter your receipts sounds amazing to you, listen up. There’s an EVEN EASIER way.

If you operate your entire business from a single business-only credit card, then you can have your accounting program (QuickBooks Online, Xero, FreshBooks, Wave, and many others) download your statements from your bank, eliminating the need to enter your receipts.

Stop paying cash for things as of today. Stop trying to scan your receipts. Stop mixing your business expenses with your personal bank accounts. Just STOP.

Use a single credit card from now on. Don’t use it to rack up debt if you can’t afford something. Pay it off each month if you can. The credit card doesn’t have to be business-branded by the card issuer. It doesn’t have to have your business name on it. It doesn’t even have to be a new card; it could be a card you’ve had for years, but only use it for your business from here on out. It doesn’t even have to be a credit card. It can be a debit card…as long as both the card and the account that it draws from are ONLY for your business.

If you have a separate, dedicated card that you use only for business, it’s just a few clicks within your accounting program to post each transaction to the right expense account. It can take a small business owner just fifteen minutes a month to categorize expenses.

Even folks who don’t own a business can use this same download feature on financial programs like Quicken and QuickBooks. Don’t be concerned that connecting your bank statements to an accounting program will somehow open you to hacking or theft. You establish a one-way download link from your bank accounts so that transactions (expenses, withdrawals, and deposits) are loaded into your accounting program, eliminating data entry. That doesn’t mean you are allowing anyone else the ability to write checks on your behalf or remove money from your accounts. You are simply downloading your statement transactions into your accounting program, skipping the data entry step.

If you need instructions, do an online search for “how to connect a bank account in QuickBooks Online / Fresh Books / WAVE / your accounting program of choice.

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