Disclaimer: I am not a financial advisor or accountant.
When you are a small business owner or an independent contractor records are essential. You have to prepare for the unknown or at least you should. Anybody can get audited at any given time with no warning.
(Above: Bonus Podcast episode about tax record keeping)
Your records not only have to be retained by you, but they need to be order so that when you submit them to the auditor there is no room for them to ask any questions. Profit and loss statements, bank statements etc should be available at a moment's notice. Especially in this day and time of electronic record keeping.
(Above: 1 minute video showing how I organize my receipts )
Keeping day to day receipts can be difficult and this is why I keep my receipts in a thick plastic pouch inside of my purse. This way, each and every time I come in and out of the store I just put my receipt in there so I don't ever have to worry about locating it again.
I have a savings club! For those interested, the link is here. You must first be a PAID member of the business curriculum.
