We have all heard the expression, “write it off”.
Unfortunately writing it off doesn’t mean we get our money back or that the cost disappears. Sometimes I wish that it did. Those meals we take clients to or that amazing laser jet printer we buy are what reduce our taxable income. Those business expenses have the potential to move us into a smaller tax bracket.
“Save your receipts” I know, I know its annoying, but capturing all of our business expenses can save money. How many businesses get caught at year end in the mad dash. I can tell you a lot of them do. Receipts are missing or cheque stubs are missing. Start up costs are forgotten. Stress levels are high and this is why we hate this part of the business.
Really the only solution to this problem, is having a process to manage expenses and stick to it. I wish I had a more super duper answer but I can tell you, the savings can be huge. What I have started to do is use the quickbooks online app. There is a feature where I take a picture of my receipt and can have it categorized and stored.
Get ahead of your bookkeeping and control your expenses.
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