Are you stuck in the past? While it may be a blast to revisit from time to time, your bookkeeping finances need to be up to date.
And what does that mean, exactly? Generally, it means doing less on paper, which makes your life easier once you get the hang of it.
Ready to organize your financial information and ditch the paper cuts? Read our finance tips below.
In This Post:
1. Use a Mileage Tracker App
If you’re part of the Gig Economy, chances are you’re an independent contractor. That means you need all the tax writeoffs you can find come tax time.
If you travel for work, which includes driving back and forth to meetings, taking clients places, or driving to the airport for a work trip, you can track that. You can claim up to 58 cents for every mile you drove.
And while you can guestimate what you drove at the end of the year, you shouldn’t. The IRS is picky and they could choose to audit you at any time.
Being able to “show them the receipts” will keep you out of trouble.
As long as you don’t drive over a certain number of miles, most of these apps are free to use. Stride Drive is an easy one that allows you to donate an IRS-ready report when it’s time to file.
Others include TripLog, Hurdlr, and MileIQ. You can find them on your app store. Downloading them and making an account is easy – remembering to open the map whenever you drive for work? Now that’s hard.
2. Snap Your Receipts
How many times have you had Quicken books open (or the equivalent that you use) only to see a charge and have no idea where the receipt went?
It happens to even the most organized of us. Who wants to keep those long, crinkly receipts until you catch up on the books anyway?
They usually end up on the floor of the car or in the bottom of your purse anyways.
Instead of letting them build up physically, use an app (even your camera works!) to snap pictures of each receipt as you get it.
Then, assuming you checked that it’s readable, you can throw away the receipt and not have to deal with it.
There are more advanced ways to do this, like a specialized receipt scanner that cant pull information, but they’re costly and you won’t have it on you all the time like you do your phone.
3. Ditch Paper as Much as Possible
Have you noticed that these options so far have been about getting rid of those stacks of paper? Handwritten mile logs and piles of receipts be gone!
We’re going to carry this trend over to your payroll processing. No one gives their employees checks anymore, at least, no one in the 21st century.
Find a program like ThePayStubs.com that can make your payment process easier – for both you and your employees.
Now you can leave carbon copies where they belong – in the past.
Bookkeeping Finances in 2019
It’s time to bring your financial knowledge and practices up to speed. It’s 2019 – and while we’re still not 100% on the self-driving cars thing, we can do most bookkeeping finances online.
For more tips on running a business without going broke or losing your mind, check out our business article category.