Mortgage News
How the self-employed can get organized
Starting your own business can be a challenge. Being in charge of everything from payroll to filing means organization is a necessity. Keeping an organized system isn't only helpful for day to day operations, but will be a great help come tax time, or when applying for a mortgage.
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Regardless of what sort of business you run, paperwork, receipts and tax records are bound to pile up. Combining these with your own personal financial paperwork can be an administrative nightmare if it gets out of control. Then, when tax time rolls around or you're looking to apply for a mortgage, finding the right paperwork can be overwhelming. In this article from Moneysense, Gail Vaz-Oxlade shares some helpful hints for self-employed individuals.
- Keep all receipts for business expenses in one place. Filing them as soon as they are received will cut down on lost receipts.
- Consider keeping a notebook in the car to record information on business trips, including dates, purpose and total kilometres.
- Keep personal and business banking separate, eliminating any question regarding which expenses are which, come tax time.