Keep on top of your receipts as you go. Way less painful than facing a large pile. Saves money in taxes as you are more likely to claiming all the business expenses you can.
Take advantage of HMRC accepting digital copies of receipts. Use technology to save you from an overflowing drawer of receipts. As a Xero Champion, Fearless Financials recommends (and practises) the following method:
If you use spreadsheets for your bookkeeping, then consider the use of Dropbox or similar. Organise in a manner sensible for your business e.g. by expense type, month, supplier. Be consistent. And use strong passwords for security. Finally, keep an eye out for startup banks such as Tide and Coconut who are aiming to help you manage your expenses and receipts easier.
Have a question you would like Gillian to answers? Find her on Twitter here @UseYourNumbers.
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