Quite possibly one of the worst things about business is the requirement for supporting documentation.

Whether electronic or paper, the IRS requires supporting documentation for all income, deductions, and credits related to your business.

On the flip side, supporting documentation allows us to maximize deductions, reduces risk, provides information for things like tax planning, acquiring loans, taking advantage of tax credits, or getting grants, and it is the fundamental piece needed to prepare accurate business financials.

Supporting documentation should be detailed in a way that transactions can be verified, including the names, dates, and descriptions.

CHECKPOINT

As we prepare for mid-year, we want to take this time to help gather all of your 2023 statements and receipts. Please let us know if there is anything we can do to help!

Mid-year packets will be prepared with the close of June's books. To compile mid-year financials, we must have your bank, credit card, and loan statements for 2023.
DOCUMENTATION SIMPLIFIED

To help ease the administrative burden of supporting documentation compliance, your CFO Services include three measures.
Take advantage of automation with Bookkeeping Rules.

Bookkeeping Rules provide a list of verified expenses that your business regularly purchases.

Instead of sending weekly receipts for certain expenses, you can define your Bookkeeping Rules list with us, and we will automatically code your eligible expenses!

Save time with Scanning Services.

Hate sending receipts? Gather all of your documentation, in a location of your choice, and someone will come scan and send them to Bell Solutions support.

For more information visit cbscanning.com or contact Echo Bell.
Stay tax and audit ready with Uncategorized Reporting.

In the event that receipts are missing, we will let you know at the close of each period so there are never holes in your financials.

Help us, help you!
If you received an out of compliance notice in April for missing documentation, please supply missing items this month so that we may complete a Mid-year Packet for you.
Got questions? Please let us know!
MEALS & TRAVEL

Deductions for Meals & Travel are highly scrutinized and the supporting documentation for them can be tricky.
Business Travel

If you're taking a business trip, save time by letting us know the dates and details, and we will properly code all of the travel-related and meal expenses for the trip!

Note: Auditors are being encouraged to use things like social media and other tracking apps to verify the legitimacy of travel deductions.
Business Meal Details

Specifying the purpose of business meals provides the information needed to ensure your deductions are allowed.

If you write on your receipts the details of your qualified business meals, you will always be tax and audit ready! (And we won't bug you for more information.)
RECEIPT CAPTURE IS BEING DISCONTINUED

We have received notification that QuickBooks will be discontinuing its Receipt Capture option in the coming months. An exact time frame is not available, but we will notify you as more information becomes available.

As a reminder, Receipt Capture currently does not work for Deposits, Statements, Receipts with 'tips' included, or Bills.

We encourage you to send all supporting documentation to info@bellsolutions.biz.
Bell Solutions | bellsolutions.biz
Phone: (402) 314-8460