The Difficulties Of Running A Small Business
Congratulations on opening up your small business! Being a small business owner comes with a lot of advantages; you get to be your own boss, you can work in your pajamas if you want to because you’re the boss and no one can tell you what to do, and you can even save on taxes every year with a few simple small business tax deductions and tax breaks. Being in business for yourself can easily get overwhelming, though. Especially when you’re first starting out, you may be running a one-man operation. Doing everything by yourself makes it all too easy for small things to start slipping through the cracks, and before you know it, you’re a disorganized mess. To avoid that scenario, make sure you’re set up for success from the very beginning.
How to track your expenses
The first step to tracking your business expenses is to open up a dedicated business bank account. This helps you keep everything organized, because all of your business expenses should come out of this account. Your bank will keep track of your spending via your monthly bank statements, so you won’t have to track your spending by yourself.
Download an app
Some people find the easiest way to keep track of their spending is through an app. Just like you would use an app to manage your personal budget and spending, there are apps available to help you manage your small business spending. These apps are designed with a business owner in mind; they allow you to track mileage and log hours, as well as track expenses and store your itemized receipts. A few great apps to check out are BizXpense Tracker, Concur, Expensify, and Shoeboxed.
Use a calendar to track upcoming expenses
Getting hit with a late fee because you forgot when something was due is going to set you back and make you feel discouraged. Tracking your expenses in advance is just as important as tracking as you spend.
Get Bookkeeping Help
Eventually, you’re going to have too many things to do to run your business all by yourself. That’s a good problem to have! You’re the passion behind the business, so you should hand off the technical side of things to a bookkeeper and focus on running your business. They’ll track everything for you and make sure that all of your employees are paid and accountable for their expenses as well. At Klingler & Associates, we do just that! We help Utah business owners organize their expenses, take care of bookingkeeping so they can focus on their business. If you need bookkeeping help then give us a call!