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If an employee can't track their tasks and time, that's a management issue and a supervisor needs to step in. If a business can't track its money, that's a much more fundamental problem, especially when it comes to tracking small business expenses.
Although the task may seem insurmountable for a small business, properly managing your business expenses can help increase profits and grow your organization.
0:49 Separate personal and business expenses
Separating your personal and business finances is a basic best practice for tracking small business expenses. Make sure you have a business-only bank account and credit card. This may seem obvious, but don’t use personal funds for business expenses. Even if you reimburse yourself or your employees, mixing personal and business funds adds unnecessary complexity. It can also bring your business under scrutiny from the IRS.
1:02 Keep those receipts
Keep your receipts and make sure to store them properly, as you will need them to calculate tax-deductible expenses and as evidence for the IRS in case you are ever audited.
You can put them in envelopes and write the date and purpose of the expense on the outside. Then, put those envelopes in an accordion binder organized by month. Or if you prefer a more technological way to do it, scan the receipts, turn them into PDFs or take a photo with your smartphone and store the files electronically. There are many great apps to choose from for scanning your receipts.
1:55 Record transactions at the point of contact
While neatness may be the second most important quality, punctuality is a close second. Record business expenses as soon after the purchase as possible. You don’t want to be left with messy piles of receipts to dig through. Taking the time to document expenses properly, right away, saves you time and effort later and ensures your finances are always up to date.
2:08 Get Accounting Software
Invest in accounting software to handle your small business’s expense tracking needs. While Excel spreadsheets can be a good first step when testing your market, it can quickly become overwhelming. Become a pro by putting your business finances into a professional accounting solution.
2:40 Track your performance regularly
Small business expense tracking allows you to monitor and analyze performance to inform decision-making. Use your accounting software to create weekly and monthly reports on expenses and profits. Use these reports to compare your business month over month and quarter over quarter. Tracking performance and analyzing reports will become even more important as your business grows.
3:07 Consider Hiring an Accountant
If the task of accurately tracking all of your business expenses seems overwhelming or you can't seem to get the hang of it, hire an accountant who will spend a little time each month reviewing your receipts and invoices and running everything through your accounting software. A good accountant is worth it if it keeps you out of trouble with the IRS.
Despite their size, small businesses shouldn’t assume that all they need to manage their expenses is a pen and paper or a stack of receipts in a shoebox. Small businesses can, and should, manage their finances using the same tools as larger companies. That means ditching manual systems and instead focusing on technology improvements like automation, mobile apps, and digital filing architecture for tracking small business expenses.
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