The main benefits we have gained from this are:ġ. At any stage during the year, we can now run a report to see how much we have spent on each entity and/or expense type. This takes up about half an hour every couple of weeks and has resulted in around 650 records being entered for the last financial year. The details on the receipt (entity the expense relates to, date, amount and expense type) are entered into the database at the end of each week. Whenever we pay for any good or service now, we ask for a receipt with the business’s ABN number, the amount and date.
Since learning that a lot of successful people keep really good records all through the year, we set up a small database to input the details of all the money spent, not just money spent on properties. Prior to becoming a member of this forum, any receipts that we remembered to ask for were thrown into a shoebox and collated at the end of the financial year over the period of a weekend or two…quite a harrowing experience that others have gone through as well. After speaking with a friend who is changing his way of thinking and is new to investment, I will share with you something we have learnt from some of the masters on this forum….
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