Tracking your business expenses is one of the most important things you can do if you want to make sure that you are paying the right amount of tax. As you get tax relief when you claim for the right business expenses, you want to make sure you have done this as accurately as possible. Below you’ll find some pointers:
Carry A Notebook With You
Some people prefer to carry a physical notebook with them and jot down their business expenses this way. Make sure you write the date, time, price, and anything else relevant.
Use An App
An app like Quikbooks can be very helpful and is used by many business owners to track their expenses. You could even use an app like Evernote to scan your receipts and keep track of everything without having to keep physical copies and mess up your space.
Consider A Credit Card
You should only ever get and use a credit card if you’re able to pay it back as soon as possible. However, a business credit card is a supremely helpful way to track your expenses, as you will have it all in one place. This will be helpful to you and any accountants that you hire.
Stay Ahead Of Accounting Trends
Whether you’re outsourcing or hiring in house you should be aware of accounting trends. The infographic below will give you more useful information.
credit to University of Alabama Birmingham