As a business owner, you have a lot of receipts for your expenses every month, and your bookkeeper can help you organize and enter all of those business-related receipts so that you can potentially save hundreds or thousands of dollars annually in tax liabilities.
Some of the miscellaneous expenses that could slip through the cracks include:
- Shipping and postage charges paid out of a petty cash account.
- Online advertising costs such as domain name registrations, pay-per-click ad campaigns, and SEO submissions.
- Client gifts: the limit in the US is $25/client, but those add up.
- In-kind donations: you should enter a receipt for those transactions of time or materials.
- Meals related to business meetings: again, there is a limit set by your taxing authority, but your bookkeeper can help you keep all those receipts organized and entered into the proper line item in your accounting program.
As always, check with your tax attorney and accountant for details on how business-related expenses impact your quarterly and annual tax filings, but it is important for your bookkeeper to have access to all of your receipts and help you keep tabs on your large and small expenses.
When you and your bookkeeper work with a comprehensive digital document management system such as LedgerDocs, managing all of your receipts and expenses is much easier and much more efficient. In LedgerDocs, you can not only store all your business-related documents in a central location, you can share, manage, and access those documents from anywhere that has an internet connection, using any mobile device you choose. LedgerDocs allows you to send your receipts directly into the application by email from your smartphone and tag those receipts and annotate those receipts with notes for your bookkeeper.
You can experience all of the benefits of LedgerDocs with a 14-day free trial—sign up in less than 30 seconds; no credit card required.