Here’s a quick tip that will save you significant time when you sit down to sort receipts and get your paperwork ready to drop off at your bookkeeper’s office. When you make a purchase at a store, restaurant or other vendor, when the clerk hands you your receipt, quickly write on the receipt which account was used to pay. Was it your business chequing? Company credit card? Personal debit card? Cash? Use labels or abbreviations that will make sense not only to you, but to your bookkeeper.

Labeling your receipts as you go along will save you a lot of time you’d otherwise spend scrutinizing the fine print on your receipts to check account numbers and figure out if the purchase was made with debit, credit or cash.

We hope you enjoy our weekly bookkeeping tips!  Have a suggestion for a tip we can share with our readers? Contact us to submit your time-saving techniques for keeping your paperwork in order!