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Store receipt template for organizations

hi everyone and welcome to my channel i am akia payne cpa owner of avp financials a cpa firm dedicated to helping small business owners like you increase financial literacy and business insight through tax accounting and business planning strategies if it's your first time here welcome i'd love for you to become an avp all-star simply click the subscribe button below and the bell notification to make sure you don't miss out on the latest and greatest without further ado let's jump into this video today we're discussing how to stay organized as a small business owner now organization is multifaceted so for the purpose of this video we'll focus on organization as it relates to financial transactions for your business picture this you're a cpa and your client has just come to you in a rush trying to get his or her taxes filed when you ask them for their business financial statements they look at you all type of crazy not knowing what you're talking about and simply hand you a shoe box full of receipts understand that the tiniest bit a little bit of organization will go a long way and will save you hundreds if not thousands of dollars depending on how unorganized you originally were i want to start a movement i want to start a movement where we say goodbye to the receipt shoebox and hello to digital organization so here's how you do it start with your computer i recommend storing files in the cloud that way you can access them from anywhere if need be the second reason i recommend cloud storage is that if files are stored directly on your laptop and something happens to said laptop it may be more difficult for you to retrieve all of your information so look into icloud drive microsoft onedrive google drive or any other cloud storage provider to see what works best for you whichever you decide create folders to begin your organization i always start with creating a folder that has a descriptive name so i can easily get to the information that i want for example i literally have a folder called receipts from there i create a subfolder for the years so i have a folder for the current year and folders for each of the previous years that i've been in business now within the years folder i create folders for all 12 months this is the basis of your organization now don't let the number of folders scare you into thinking that this is some huge task or something you know out of your reach and you can't do it it's very simple and will save you time in the future when you need to find a specific receipt it's important to set up a system that will be easy for you to keep up with to ensure the longevity of the organization a huge benefit is most of our transactions are done electronically whether we're buying something for our business online or receiving payments from a client or customer via ach or card also in today's world of covid a lot more transactions are done online as opposed to face-to-face anymore this makes organization even easier because for your online transactions you normally email the receipt or have access to login to retrieve a receipt or invoice which you can then save to the appropriate folder in the system that you set up for physical receipts simply take a picture of them email them to yourself and save the attachment in the appropriate folder you want to do this immediately because it's easy to crumble up a receipt in your pocket or stuff it in your purse and forget about it by the time that you remember that you need the receipt it's either long gone in the trash or has faded and you can hardly make out what it says another reason to take pictures of your receipts immediately is on the off chance that you are simply prone to losing receipts but need the receipt to return something a digital copy of the receipt will suffice if you no longer have the physical original version thank me later let's recap thus far we have our folders set up in the cloud our folders are named appropriately and we're starting to save receipts in the folders for me whatever month is on the receipt or invoice is the folder that i will save that document in the next step is to make sure that we are renaming the receipts and invoices to make it easy to identify for example if i purchased a laptop from amazon i wouldn't simply name the receipt amazon mainly because i buy a lot of items for my business from amazon so it wouldn't be descriptive at all it wouldn't be helpful i'd name it amazon dash laptop i may also specify the type of laptop i bought so amazon dash macbook pro 16 inch the goal is to be descriptive sure you know right now that you bought a laptop from amazon but when you get audited a few years from now you may forget where you bought the laptop from so naming the files descriptively becomes that much more critical to your method of organization since we're still at the beginning of 2021 getting your receipts organized should not be that difficult as you'd only have to go back to january and february and then just keep things up going forward so my challenge to you is to create your digital organization system go through your business receipts invoices bills and save them to the respective folders with the descriptive name when you're done you should have documentation for every single business transaction if this is something that you need to outsource because you are very busy with the actual day-to-day operations of your business then hire a bookkeeper to keep things in order for you avp financials offers bookkeeping and outsourced accounting services so if this is something that you need my help with feel free to check out the website i will leave a link in the description box below if you've made it to the end thank you so much for watching my video give this video a thumbs up if you gain some valuable information share this video with other small business owners if you have a question comment or a suggestion drop it below i'd love to hear from you also don't forget to become an abp all-star by clicking on the subscribe button and the bell notification to make sure you're always up to date see you in the next video bye