Many small
business owners pay for business expenses out of their own pocket and
forget about recording them in their financial books. This is a
problem because for an owner to maintain good financial records, he
needs to keep track of ALL expenses. The consequences of lost or
incomplete records can be dire: incomplete records can mean thousands
of dollars in lost tax deductions.
To avoid
committing this bookkeeping no-no, you need to keep all your receipts
and tax invoices. Here are tips to help you do so:
