Tax time happens like clockwork every year and if you find your stress levels rising around tax season, this post is for you. This is not my usual conversation and I am sharing this with you because I found a stress busting process that works and I’m confident that it will for you too.
Have you ever had any of these thoughts?
Damn it! I can’t find the receipt I’m looking for, where in the hell did I put it?
It’s tax time again and I’m not ready!
Paperwork is so overwhelming! Where do I begin?
I hate paperwork, it’s such an energy drain and I don’t have time for it!
I have too and I found my efforts to be organized and prepared for tax season frustrating, energy sucking and hopelessly unchangeable. Every year I would promise myself that I would be more organized and ready for tax time and every year end I would have the same experience. What was that experience? I was stressed, angry, overwhelmed and late to file… again. My accounting fees were as high as my stress level and I needed a solution, not only financially but mentally and physically as well. I dreaded tax time and I knew there must be a better way to manage my time, money and peace of mind.
I am a typical Entrepreneur, I work, I buy stuff and I file my receipts in a number of piles throughout my home with the intention of being better organized by the end of the year. I have tried many products, programs and “promised results” advise over the years and none of them have been successful in changing my way of being with the dreaded paperwork associated with being in business. No matter how organized I thought I was, I still couldn’t find the receipt I searched for! At the end of the year I scrambled to put my paperwork together so I could hand it off to my Accountant to file my income tax and I would still find stray receipts that were missed! It felt like nothing worked. I needed to find a way to simplify the process. I needed something so simple that even I would use it.
Five years ago I started using a simple receipt organizing system and I’m excited by the results. I find myself making financially sound decisions faster in my business because I’m staying up to date with my expenditures throughout the year rather than at the end. For the past four tax season I didn’t go into stress mode because I was already organized and ready. I reduced my accounting fees because my Accountant’s time was spent working with totals rather than organizing my receipts. The bonus for me was this system didn’t require a lot effort and it is proving to be very effective. The amount of stress and frustration this system has relieved is priceless!
As a result of using this ROF system (Receipts On File) I am finding receipts when I need them because they are exactly where they should be, I was able to submit the files to my Accountant earlier than last year and I reduced my accounting fees because everything was sorted and organized, ready for processing . The best end result? I was able to do this with very little effort and enjoy the rewards of a job well done. For the first time in my life as an Entrepreneur, I wasn’t stressed. My paperwork was complete, ready and on time and I had time to enjoy the moment.
Typical questions I get asked when I mention this system to others:
What is this ROF System?
It consists of a travel file folder, a banker’s box with twelve file folders labeled by the month and my once-a-month organizing service. That’s it. Simple, easy to use and completely stress free for you.
How does this ROF System work?
All you have to do is put your receipts into the travel folder that I provide, and I do the rest. Once a month I will pick up the travel folder, organize your receipts into categories (customized to your business needs), in chronological order and file them into monthly file holders. These files are returned to you monthly so you have access to your receipts as needed. Included in this service is a summary sheet of your expenditures for the month so you have a running total of where your money has been spent for the month. By the end of the year your receipts will be organized by month/category/chronological date so by tax time, your files are ready for your Accountant to file your income tax quickly and efficiently. Sounds great doesn’t it?
Is this ROF system right for me?
This ROF system is designed for Entrepreneurs like you, who want to be informed but do not require day to day details. Entrepreneurs like you, who typically throw receipts into a box or a drawer to be sorted and organized at tax time and for Entrepreneurs like you, who inevitably find themselves stressed out around tax time because they are not ready and they don’t have time to organize their paperwork. If you are an Entrepreneur like me this system is for you. If you would like more information regarding this service, including fees & availability, please use the contact form below. I typically respond within 24hrs.