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Updated over 5 years ago on . Most recent reply

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Tim Jahnke
  • Investor
  • Lena, WI
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How to simplify paperwork on 3 different LLCs.

Tim Jahnke
  • Investor
  • Lena, WI
Posted

I spend 6 hours a month  looking at 3 different credit card accounts, 3 different checking accounts, scanning receipts, tracking mileage  and filling in  Excel income and expense sheets. 

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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

Sounds like you're at a place where a software would save you time. 

QBO has bank feeds- so all those transactions import directly from the bank/ CC company. Then you just label what they are. As you go on it "learns" rules about how to label things: Example: Always label lowes as repairs. 

You should still keep copies of receipts in the event of an audit, receipt bank is a popular app for scanning those in. 

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Kolodij Tax & Consulting

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