When you're constantly on the go, it can be a challenge to keep track of your business receipts. However, maintaining organized records is crucial for submitting accurate expense reports and ensuring timely reimbursement. If you find your saved receipts scattered across your glove box, wallet, briefcase, and car, it's time to tame the paper trail. Here are seven helpful tips to help you effectively organize and digitize your printed receipts, ensuring a smoother and more efficient expense management process.
1. Invest in a Secure Filing System
To establish a reliable foundation for organizing your receipts, consider investing in a high-quality filing cabinet. Opt for a locking filing cabinet and equip it with hanging folders, manila folders, and small envelopes. I have linked to some cheaper product options (Disclosure: These are my Amazon affiliate links).
Create a hanging folder for each month and label them accordingly. Place labeled manila folders inside each hanging folder to further categorize your receipts. This system will not only keep your receipts in order but also provide proof in case of any misplaced documents.
2. Embrace Spreadsheet Management
A simple spreadsheet program can work wonders in keeping your receipt categories organized. You don't need elaborate accounting software; all you require is a basic spreadsheet that can separate information into cells. Create a separate tab for each month and enter relevant details such as the date, category, place of purchase, purpose, and amount. This method enables easy sorting and retrieval of information whenever needed.
3. Digitize Your Receipts through Scanning
Take the next step toward a paperless organization by scanning your receipts into PDF format. Most printers have a scan option. Scan each receipt individually and include pertinent information in the file name. For instance, if you have a gas receipt for October, label the file as "October - Gas - 101010 - 2485." After scanning, store the original receipts in a designated folder for that month. At the end of each month, create a consolidated file of PDFs and combine it with the information from your spreadsheet.
4. Explore Digital Solutions like Shoeboxed
Consider leveraging digital tools to simplify your receipt organization. Shoeboxed is a handy service that allows you to conveniently organize your receipts in a user-friendly format. While Shoeboxed offers both free and paid plans starting at $9.95 per month, the convenience it provides can be well worth the investment. If you're pressed for time, you can simply place your receipts in one of Shoeboxed's postage-paid envelopes and send them over. The service will handle the scanning and organization of your documents. For businesses with a backlog of receipts, Shoeboxed also offers specialized plans to assist their customers.
5. Establish a Regular Routine
Make it a habit to dedicate a few moments each week to scan and file your receipts. By committing to this regular routine, you'll prevent a buildup of receipts that can become overwhelming by the end of the month. The entire process of scanning, noting down relevant details, and filing should take no longer than an hour. By following this practice, you'll save yourself from frantic searches and last-minute scrambling to meet expense report deadlines.
6. Maintain a Portable Receipt Folder
While you're frequently on the road, it may not always be feasible to immediately scan and organize your reimbursable receipts. In such cases, keep all your receipts in one place by carrying a designated folder in your briefcase. Opt for a sturdy manila folder with stapled edges to prevent any documents from getting lost. Additionally, include a smaller envelope within the folder to store smaller receipts securely. This approach ensures that your receipts stay organized, and you can easily make notations on the outside of the folder for reference.
7. Understand Your Accounting Department's Requirements for Reimbursements
Different accounting departments may have specific rules and preferences for receipt submission and reimbursement practices. Take the time to familiarize yourself with their requirements before establishing your personal filing system. Do they prefer physical receipts or are scanned documents acceptable? Should you handwrite everything for authenticity? Larger companies usually have a detailed requirements list. By understanding and adhering to their guidelines, you can streamline the reimbursement process.
Remember, the key to effectively managing printed receipts is to address them promptly. When immediate action is not possible, set aside a dedicated time each week to scan, sort, and store your receipts digitally. By implementing these tips and maintaining an organized system, you'll no longer have to worry about lost or cluttered receipts. Your efforts will be rewarded with faster reimbursement and a smoother expense management experience.
Marianne says
Great tips! I keep all my receipts in electronic format and have an electronic file cabinet on my computer with folders set up with all the subcategories and a spreadsheet with all of the info on my various accounts, memberships, logins, etc for all the vendors.
Karen Cruz says
Now when I read #4 I was like yeah that’s what I do, but I don’t pay any monthly fee for that. put 2 and 2 together, it’s a service. But hey, keeping em in a shoe box like I do saves you the monthly fee. 🙂 Great ideas though.
Melinda says
Me too 🙂
Felicia says
Very useful tips! I don’t usually keep my list of receipts on my computer, but I do make a list on my small notebook with small spaces (the type that small children use for their ABCs). I usually fail on the part about regularly filing my expense reports. I guess I need to get organized even in these simplest of things. It will surely save me a lot of time in the future.
Jeremy says
Definitely do #7 above if you have an accountant. in fact, I think you should talk to your accountant before deciding on the system that you will use. They can suggest a system or an accounting software that you can use that will ultimately lessen their time when it comes to sorting out your accounts. The less time they spend, the more $ you save on accounting fees.
naz says
Thanks, those are very useful tips. I found scanning the receipts a good idea, though that might take alot of time if you end up with far too many receipts.
I used to own a telephone book with all my precious contacts’ details in it. When it had got lost, I was in despair, but luckily it was returned to me by some one who understood the importance of the contacts I had built over many years. When I got the book back, the first thing I did was create pdf files for each of the pages.
All the important data saved, now that’s a winner!
Kelly says
Getting an accountant might set us an additional expense. I would certainly do #2, then #1 and then #5. I will make a spreadsheets and then scan all the receipts I have then scan it regularly. Regular scanning is the main tip here for there might be some organized receipts that are misplaced.
Melissa Page says
Hey there!
Thanks for this steps and suggestions. They are all cool and easy to do. I would go for the scanning and the “being regular” attitude. Using a computer to organize your receipts would be better because you will never know what will happen if receipts get wet or something like that.
I will definitely keep your ideas in mind for future use!
Thanks,
Melissa Page
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