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.
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.
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.
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!