We talked last time a little bit about overstating income and not counting the deductions that you can. We also talked a bit about receipts. But, it’s so important that we’re going to bring it up again here.
Keeping receipts and keeping good records is an important thing to do for your business because it’s going to make a lot of difference when you look at your financial records. If you’re not recording real business purchases in your business bookkeeping, you’re either overstating your income or worse, you have no idea how much or how little you make. You could be running at a loss and have no idea, especially if you have your hand in the till every day.
For example, if you keep good records you may know that every single October you have licensing to pay and other bills that are due during October. If you’re not tracking everything, you may end up short when it’s time to pay those bills. What about quarterly taxes? If you’re not tracking that, you may also come up short when it’s time to pay the taxman. That is not a good thing to happen.
You can avoid these types of problems affecting your business at the last minute if you maintain good records and save all your receipts. Not only that - you also need to record the receipts in a timely manner so that they affect the quarter they should affect, and so that you create a data entry habit that helps you maintain your books correctly.
In some cases, putting off the things you need to do can be very damaging. When it comes to bookkeeping, data entry is very important. Next time we’ll talk about the reasons why.
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