We are dealing with several clients who often fail to submit their receipts in a timely manner. These are limited liability companies, VAT payers.

Accounting needs to be maintained continuously. Ideally every month, even if you are a quarterly VAT payer. At the end of the monthly period, bank statements are typically downloaded and reconciled. “Reconciled” means matching payments to received and issued invoices, accounting for leases, fees, wages, contributions, and tracking any unreconciled payments.

This requires the client to search for and submit missing receipts. The most common issue is, of course, with outgoing payments.

Make sure to track and submit receipts on time while you still have at least a vague idea of the expense (and where the receipt might be). After a few weeks or months, it becomes harder to recall, and you’ll spend more time on it than necessary. As we all know, time is the most valuable resource we have. It’s a shame to waste it on something that can be solved in a few moments.

Why else should you do this apart from saving time? For one very important reason: it’s a hallmark of a good manager. Order in your documents (receipts) and accounting.

If that’s not enough, there’s another negative effect of not submitting receipts on time. If you are a VAT payer, you will wait longer than necessary for the refund of any excess VAT. Or you might end up paying more VAT than your monthly liability should be. For example, failing to submit several fuel receipts could mean missing out on input VAT (which can reduce your VAT liability) by thousands of crowns.

Moreover, no accountant will be able to tell you your ongoing financial result because missing receipts may include tax-deductible expenses.

Don’t complicate life for yourself or your accountant. It will give you better (and more regular) insight into the status of your company, saving you time and sometimes even money. For your accountant, it will mean calmer work, better workflow, and less risk of forgetting something important.

And as for receipts from stores or fuel, it’s best to take a picture of them immediately upon receipt and file the original in a special pocket in your wallet or bag. Having a designated place for these matters is always a good idea. Then, when you need a receipt, you’ll know exactly where to find it.