WHAT TO KEEP TRACK OF WHAT RECEIPTS TO KEEP HOW TO RECORD THEM
Keep all of your receipts - don’t throw anything away. When you come home at the end of the day, empty your wallet. I use a basket (shoe box ) anything. Every couple of days go through your box and file receipts in categories.
FILES TO PREPARE Products bought. Products sold. Products consumed. Products used for samples and demos. Sales tools used. Supplies for shake and shot parties, wellness meetings and grand openings.
HOME EXPENSES Heating and hydro Fire wood Water Mortgage or rent Phone Computer line (internet) Gas or oil
BUSINESS AND OFFICE EXPENSES Cell phone. Postage and shipping. Long distance plans for conference calls. Meeting expenses, (from your grocery list - milk, cream, fruit, nuts and snacks you serve, coffee and tea). Meeting expenses when doing one-on-ones at Tim Horton’s, Starbucks, (other locations).
AUTO EXPENSES Keep all auto expenses. Car lease or loan. Gas Repairs Parking ETR if you use it. Car washes, including wash bay where you pay cash, no receipts but mark in your day timer.
Find an accountant that understands “Direct Selling”. You can write off more than just a conventional business. Make sure you have everything in your day timer, all appointments, conference calls to show activity for your business.