Drowning in receipts!

[madisonbags33]

I love every aspect of my direct sales business....except for doing my taxes! I loathe it. After spending hours last night pouring over last year's receipts, adding up mileage, etc. I keep thinking there has got to be a better way to keep track and organize my expenses for taxes. I tend to be a "throw it in the box and I'll worry about it at the end of the year" type of girl, but it's gotten a little out of hand and I know I'm probably missing things since it's not fresh in my mind.

Does anyone have any great tips on how to organize your business-related expenses and your mileage? Are there any software programs that make it easy to do this?

Thanks in advance!

[wahinmyjammies]

I use Expensify on my phone and it is also online. I'm not sure I can post a link, but it is easily searchable on your phone or computer.

[madisonbags33]

Thanks! Is it an app or a website? Any charges associated with it?

[queenjody]

I use an excel spreadsheet - very very simple! I write down each expense as I incur it, and toss the receipt in a plastic envelope that I have just for my business. Easy breezy.

[jefamilycare]

I just downloaded Expensify. Thanks for the suggestion. If nothing else, I try to document the date and list of places I travel for business so that I can go back and calculate mileage. As far as receipts go, I put them in an accordion binder by month and also record the expenses in a spreadsheet once a month. I do not have any type of efficient system going but I am working on it.

[Leanne McGarr]

Well, I have to admit that I am a throw in the box type of gal. I do my own taxes and it usually takes me around 12 hours to do them. I sort my receipts and then go into my Virtual Office and run the orders to find out all business supply purchases, website purchases, etc.

I say I am going to better every year but I usually don't file until April (even though we always get a refund) so the year is pretty much half over by the time I resolve to do better. It really isn't that hard to do a spreadsheet every month and if you have a separate checking account to charge your business expenses too, it isnt that difficult.

I know what to do, I just don't do it

Leanne

[liz.jewels]

Thank you for the Expensify suggestion! I am like Leanne - I do my own taxes, and I can piece it all together, but it takes a long time!

I can really see myself capturing my expenses with this tool, and saving hours at tax time. Yay!

[Successful Direct Sales]

I made a video for my team of how I organize expenses.
Organizing the Business of Direct Sales Expenses - YouTube