If you’re looking for super-sophisticated complex financial advice, you can skip this article– because we want to talk about something that’s simple, basic, and frequently forgotten. But if you want to keep your business out of trouble, take these three words to heart: KEEP YOUR RECEIPTS.

Uncle Sam only requires you to keep receipts for amounts in excess of $75. This is one case where Uncle Sam is a softie compared to Uncle Jim – because I advocate you keep them all. Create a special place in your purse or wallet for the receipts you gather along the way, and establish a routine of emptying them weekly into an envelope marked by month, segregating those receipts that apply to outlays of personal cash. At the end of the month, seal your envelope and store it in a safe place. (Side note: if you need to use cash for a purchase, we recommend that you use personal cash, and have the business reimburse you. Also note that, if you use cash, it must be recorded separately in QuickBooks.)

One further reminder relates to receipts for business-related meals and entertainment. Whether the receipt covers food or fun, and whether it’s for a charged or cash expenditure, mark on the receipt whom you were with and the business purpose.

Any questions? We’re glad to spend a few minutes on the phone with you to discuss this further. Just call (630) 778-7333 or email

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