Capturing all your information involves careful planning and good systems. Here are some tips to help with information capture:
- Keep a Log
When you travel for business, keep a daily log of where you went, who you met with, what small amounts you paid (for tolls, for example). Include information on meals and hotels. See Keeping Records for Business Travel for more information.
- Save Receipts
It is easy to forget the small purchases, but they add up. Find an easy way to save small receipts, possibly by putting them in envelopes or a file folder.
- Keep Track of Petty Cash
Petty cash is the amount in your business cash drawer that you use for small office purchases, like donuts for staff meetings and stamp purchases. Make sure everyone who uses the petty cash drawer fills out a slip showing amount of purchase, date, and reason.
Remember, you must capture the information to record it.
