|My friend is complaining that he can not organize his receipts and monitor his expenses especially those which were not paid thru check--little expenses that when summed up together will make a dent on the profit like, office supplies bought in cash, taxi fare and other petty expenses.|
I come across this website shoeboxed which offers organization of receipts for free.
Precisely, that's what I suggested to my friend who has his day job to attend to while managing his on-line business--a box-type of organizing his docs while waiting to be sorted out. Instead of a box however, there is an expandable folder/envelope which come with labels which he can use to store the receipts, notes and other small papers evidencing payments.
To handle the cash expenses, he can make use of a small box where he can put a fixed amount of money, say for example $ 100.00. Everytime, he spends out of the fund, he should put back the change, a receipt of a small paper noting what kind of expense it is. When the fund is running low, say for example, it is only 15.00, he can replenish the fund by adding $ 85.00 to make it $ 100 again.
The 85.00 represents the expenses for the period that can be itemized as follows:
20.00 taxi fare- Transportation Expense
35.00 bond paper and paper clips - Office Supplies
30.00 parking fee penalty - miscellaneous
If you have question, you can post in the comment.
Business,marketing,Entrepreneur,Entrepreneurship,Accounting for Small Business
Labels: Accounting for Small Business
I am Cathy. I am a Certified Public Accountant and a business consultant for years. I want to share my expertise thru this blog which is intended to help people who are planning or who are already in business. The topics range from Accounting for Small Business, Cash Management, Inventory Management, Assets Management and Financing. The terminologies will be simplified for laymen and business jargons will be explained for clarity.
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