![]() It can be difficult to identify which receipt goes with which expense (especially if you have personal and business purchases on the same receipt), not to mention that ink fades and receipts get harder to read over time. Digitize all your receipts with a receipt scannerĪs you may know from experience, it’s overwhelming to sit down at tax time with a pile of crumpled receipts on your kitchen table. Here are five tips on how to track your business expenses: 1. You’ll save yourself time and headaches, cut down on work, and save yourself from potential costs for your accountant. Tracking and categorizing your expenses throughout the year is also one of the best things you can do to make tax time more manageable. ![]() Since cash flow problems are the number one reason small businesses fail, getting a clear picture of your regular and irregular expenses is vital. Over time, tracking your expenses helps you to predict what expenses you have coming up, allowing you to map out your cash flow (the money moving in and out of your business). When you know where your business stands financially, you have a deeper understanding of what’s working and what’s not and can make more informed decisions.
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