Bookkeeping is one of those necessary activities that frequently ends up on the “popularity” list with the likes of dentist visits and scrubbing that pesky moldy stuff from the shower. Delegating is a great solution, though not always feasible. If you are the one who wears the bookkeeping hat, here’s a simple tip that makes your data entry considerably easier:
(And by the way, the following tip and payment info slip tool are just as useful if you delegate your bookkeeping to another. They can’t be expected to fill in missing info without your help!)

Write your coding notes on the receipt as soon as you get receipt.

This is especially for the expenditures whose purpose isn’t obvious. For example, if you take Meal write-offs, you’ll want to include who you met with and what you talked about (a couple of words should suffice!) The IRS doesn’t like a bunch of restaurant receipts by themselves–they want to know how it connected to your business.

For example, I’ll write: “Meals - mtg with Judy re: year end tax prep”

Or what about those receipts that don’t even have the name of the business on them?! Write it down directly on the receipt while you are there, plus (for example) “Ofc Exp - copy paper”.

Notice in both of my examples I wrote down the account (Meals or Office Expense) that the expense was associated with. This makes for one less question to ask when in the midst of the data entry process.

Jotting down the basics in the moment is in line with simplifying by separating Planning from Doing time. Reserve data entry for Doing time–you’ll be thankful you took the time to record your thoughts at the time of the purchase.

I also keep a couple slips in my wallet for those times that the business I’m buying from doesn’t provide a receipt. They are “payment info” slips and prompt me for all required info.