By | Samantha Higgins
Are you searching for ways to keep better track of your many business expenses? Doing so will save you a great deal of time, energy, and money in the long run. It will also help you keep your business afloat during lean or rough times. Luckily, there are plenty of excellent suggestions that you follow in order to do so.
Keep Your Hands on All of Your Receipts
The first thing you will need to do in order to stay on top of your business expenses is to keep your hands on all of the receipts that you gather on a day to day basis. These may include receipts for gas expenses, services rendered by other businesses, expenses for employee luncheons, banking fees, and many other examples.
Keep copies of your receipts in both their digital and original physical forms. If you feel the need to organize them into separate folders to represent a number of different categories, this is well advised. This will help maintain control of all of your various outgoing expenses as well as the total of your incoming profits.
Record All of Your Expenses as They Occur in Real-Time
It may be wise for you to keep an ongoing record of each and every one of your expenses. Keeping a close watch on them as they occur in real-time will enable you to gauge their general cost as well as when they appear to cost you the most. This will give you a more accurate idea of how to budget and save on these various expenses.
You can use online tools such as Google Calendar in order to preserve an accurate record of all of your daily, weekly, and monthly expenses. Set up a reminder to alert you when each of these expenses are due. This is a very effective way to avoid the risk of overspending at a time when major bills are due for your business.
Don’t Forget About the “Little” Expenses
One major mistake that separates the amateurs from the pros is the lack of attention to the tiny and seemingly insignificant expenses. While all business owners will come across plenty of these, the trick is not to let them add up. Doing so may result in an unprofitable quarter at a time when you least expected to have to suck up a loss.
The trick here will be to keep track of the costs, no matter how small, that can be safely written off as company expenses. These may include the dinner with a potential partner that you paid for or the amount of the Uber fare you paid in order to get to a meeting on time. Keeping track of these costs will help you avoid nasty surprises.
Keep Track of All of Your Travel Expenses
Your next step will be to make sure that you keep a handle on each and every one of your various travel expenses. If you have traveled anywhere for any length of time on company business, keep the receipts. This includes putting $5 in your tank to get you across town as well as the $2,000 you may have spent on a first-class flight.
Make a Timely Investment in Top Quality Expense Management Software
If you really want to stay on top of your various expenses, you’ll need to take things to the cloud. This is the place where you can store all of the data related to every cent that you spend on behalf of your business.
No matter what your level of overhead and various “on the road” expenses may be, a good expense management software program will keep expert track of them. All you need to do is make sure that every expense is duly entered into the record.
Keeping Track of Your Expenses is Easier Than Ever
Thanks to the major advances in tech that have taken place over the last decade, keeping track of your expenses is now easier than ever. However, even with these efficient and reliable tools, you will still need to keep on your toes. Adopting some of the measures outlined in this article can help you stay on top of things.