What is the best way to keep track of expenses in a startup?
1. Never pay cash, always with CC if at all possible. 2. I use Amex too, if they don’t take it I have a backup biz Visa 3. For unavoidable cash receipts put receipt in wallet, pay back out of petty cash envelope next time you’re near it. 4. Write what the receipt is for on it immediately either way if it’s not insanely obvious (like printer ink or something), don’t wait. Especially important, for meals/drinks/etc put the names of all people with you and biz relationship (“John Doe, Pot. Invest.” is fine) for IRS purposes and no forensics later. If there is a tip involved write total charge prominently and circle it to avoid confusion later. 5. Bulk scan or send all receipts for bookkeeper to reconcile with the CC statements and QB, and archive the paper. Sadly the IRS loves those original paper copies, not much way around that. 5(a). Have a good bookkeeper that’s really cheap. Hard to find one but you should keep looking until you do, they’re invaluable. Ideally associated with your CP
