Here are a few tips to help get you organized:
Set a specific time to pay bills and to empty wallet, pockets or handbag of receipts, and take the time to file both bill statements and receipts.
Establish one place to store receipts and invest in some organizing tools. A letter-sized accordion file can handle small cash receipts. Label each section appropriately (“Auto”, “Professional Development”, etc.) and file according to category.
Avoid mixing receipts from different years. Start a fresh collection each year (or corporate year-end, if not December 31).
If you’ve been traveling for business, avoid mixing currencies.
Keep personal and business related receipts separately.
Keep an envelope or small accordion file in the glove compartment of your car to contain fuel, car wash, parking and service receipts. Periodically transfer the contents to your main file.
Most people remember to ask for a taxicab receipt but if you use public transportation, also remember to ask for a receipt for bus tickets, subway tokens or transit pass. Transfers, though, are not acceptable as receipts. Discard them. Airline boarding passes are not acceptable as receipts.
Keep track of business related entertaining expenses by noting your client’s name and the company or project on the back of the receipt.
Pet expenses (pet food, veterinary services, etc.) are not allowable expenses except under very special circumstances e.g. you run a security firm and employ trained guard dogs.
Parking and/or traffic violation tickets are not allowable expenses.
Credit and debit card receipts often have two parts – the receipt portion showing the item(s) you purchased and the transaction record. To avoid duplicating the amount, staple the two parts together.