Forums: Discussions for entrepreneurs and small business.

That`s a really good idea, about the credit card thing I mean. I`ll have to remember that. I think this is a great topic.

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And if you have staff /others who run errands/pick up supplies/go to the
post office, use your credit card to get THEM employee cards. Beats using
YOUR card, forking over cash or trying to reconcile a petty cash drawer
stuffed with small receipts. So not only can you track any expenses on your
own business card, you can also track them on the employee cards that have
limits you can set right away. SOme credit cards also offer purchase checks
that work like a credit card purchase and let you track even those expenses
that normally don`t take a credit card (like small suppliers).

Because--there is no such thing as "petty" cash!!!

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Thanks so much ya`ll for the information! This has really helped me!

Hi there,

It is important to keep all your receipts that your business had paid for and the receipts you personally paid that was for business as well.  The credit card advise is great!  Thats if you are able to get a credit card. No matter what you do these receipts are highly important supporting your activity in your business.  If youre a sole proprietor yep they are a deductible on your gross income.  However it is wise if you could restructure your business as a corporation to avoid your personal assets being at risk.

Bree

I bought myself a flashdrive and created folders for each quarter of the yar: 1st Qrt, 2nd Qtr, etc. I scan all my receipts and put them in the folders accordingly that way it case something happens I still have copies of the receipts. I figured it would make things more simple and easy when tax time comes. Instead of going to the tax preparer with a box full of receipts I can go with a flash drive.

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Shantel L. Collins
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