What to do w/receipts

Discussion in 'Business Operations' started by tomoaktree, Oct 27, 2001.

  1. tomoaktree

    tomoaktree LawnSite Member
    from WNY
    Messages: 114

    I've been lazy all year and have two boxes full of receipts. What's a good way to organize/categorize them? By month? By vendor? Both? Other?

    How do you keep track of your expenses?
  2. KDJ

    KDJ LawnSite Senior Member
    Messages: 325

    In you're profile it looks to me that you have been in business for 16 years. If that is the case this is what you should do.

    Find a good tax consultant. This person MUST be full service, meaning. A tax Attorney and CPA with the ability of Tax representation in the I.R.S. court. This is a must!

    Follow there advice to the letter.

    Good Luck
  3. Stonewall

    Stonewall LawnSite Senior Member
    Messages: 280

    I file mine in categories that I use on tax reports.
  4. Fine Lines Lawn

    Fine Lines Lawn LawnSite Senior Member
    Messages: 447

    I file mine by vendor.
  5. Lawn-Scapes

    Lawn-Scapes LawnSite Silver Member
    Messages: 2,810

    Do you guys save all your receipts? I've only kept cash receipts. If I write a check or use credit card I trash 'em.
  6. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    We don't use cash.We keep all reciepts, but we really do not need to keep them since we use our checkcard associated with our bank. With that we receive a summary of all expenses and deposits for each month.
  7. Guido

    Guido LawnSite Silver Member
    Messages: 2,087

    manilla envelopes and label them in big letters with a marker for all the expense accounts you use to track your expenses.

    i.e. truck1, mower2, trimmers, utilities, etc.

    Keep them in there with the year clearly written and close them out at the end of the year. Put them in the box and throw them in the attic.

    Not sure what your laws are on how far back to hold on to the stuff, sorry!

    Hope this helps, its better than a shoebox and cheap too! ;)
  8. SprinklerGuy

    SprinklerGuy LawnSite Bronze Member
    Messages: 1,778

    Manilla envelopes labeled by month........not in attic though, garage.
  9. tomoaktree

    tomoaktree LawnSite Member
    from WNY
    Messages: 114

    For you guys that categorize by the month..... do you log everything on a spread sheet for that month? Does anyone use spreadsheets to keep track of expenses?

    Has anyone developed a system to easily find any receipt ?

    Just trying to get more organized , thanks for the input.
  10. Ric

    Ric LawnSite Fanatic
    Messages: 11,969

    We use QB pro. Break out record by item and job. We are able run P & L on each area of the company. Lawn mowing, Landscape, Trimming, Fertilization and pest control. The monthly P.L. for each area let us know if we are making money or not and where to put our focus. I got lucky and turned one of my retired customers into a partner. He does not know grass from trees but has the sharpest penical in town. He jointed me for something to do, not cause he needed the money. I used the shoe box system for years and worked real hard at spinning my wheels. I can not tell you how much a sharp penical will improve the bottom line. But I can tell you a sharp penical will make you (keep you) money.

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