Entrepreneurs - Organize Your Business Receipts - Increase Your Productivity and Peace of Mind

Running a small business (and keeping up with the administrative portion) can get unwieldy in a hurry. If you are starting out and looking for ways to file and organize your business receipts, here are some suggestions:

First, be careful not to make this more difficult than it needs to be. I use a fairly simple system that works great for me and may work for you, as well.

At the beginning of each year, I create 12 files, labeled (with a label maker or something other than my handwriting, which isn't too legible) January - December. I put those in my accounting drawer (which is right next to my computer). I want it to be easily-accessible when I am using the folders or when my bookkeeper is here taking care of my accounting.
Daily or whenever I have receipts that come in (when I make purchases at stores, when boxes are delivered from UPS with receipts inside, or when electronic receipts arrive, I put them all into my "To Be Processed" accounting folder. If it's something I charged on one of my credit cards, then I put it in that folder. Within that folder, I have individually-labeled folders for my two main credit cards, along with a petty cash folder, etc. 'To Be Processed" simply means that it needs to be put into my QuickBooks.
Then, weekly, either my bookkeeper or I will process all of my receipts and input the information into QuickBooksPro. As soon as the information is put into QuickBooks, I move these receipts and other documentation into the current month's receipts folder (Note: Once the final statement for the credit card comes in, I staple the corresponding receipts to that statement so it's all together in the month's receipt folder.
Then, after the month has passed, I move the folder into one of my file cabinets that is across the room from my desk so I have access to it, but it's not in my "prime real estate."
At the end of the year, I move all of the year's monthly folders to my garage file cabinet (where it's archived in case I need it) and then I start the process over with a new set of folders.
It's not fancy, but it's worked for my business for over 10 years (long before I even used QuickBooks. As much as I would hate to be audited, I would be ready with all my receipts, as needed.

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