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Ask an accountant | Prep for Self Assessments

Friday, July 14, 2017 Gillian Caughey All

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'What advice would you give for organising receipts for end of year accounts?'

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:

  • Use the Xero mobile app for paper receipts. Take a picture and tell the app what you spent, where and why. No more lost receipts and your accounting records are updated on the go.
  • Forward receipts and invoices received via email to Datamolino. This tool identifies key details automatically and learns what type of expense it is. 1Tap is a similar app for non VAT registered sole traders. Save original email in a separate email folder. Email rules can help automate further.

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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