How Do You Track Your Business Expenses?
May 11, 2020
By Serah Blackstone-Fredericks with Books in Harmony
“Financial fitness is not a pipe dream or a state of mind it’s a reality if you are willing to pursue it and embrace it.” ― Will Robinson
Financial fitness can be likened to physical fitness. We need to take action and work hard to stay fit. But what happens when you don’t know where to start? – That’s where we come in. Let’s talk about where you are on your journey.
How do you track your business expenses? Do you use Excel? Do you input your receipts in a receipt log? I have found the best way to track expenses is to use software that seamlessly tracks your incoming expenses. This eliminates the worry associated with wondering whether you forgot to input an expense. By tracking expenses on a monthly basis, you can answer fundamental questions that can drive your business to be even more successful, and profitable. Tracking your expenses causes you to consider the following important questions:
What is working?
What no longer serves the business?
How can my business become more productive and efficient?
Without tracking your expenses, you have no idea of what you may be overspending on, or what you could afford to spend more on.
Check out my comparison chart on the pros and cons of different software tracking systems:
If you are struggling to gain a clear understanding, the next step is to delegate. Delegating saves you time as you can focus on your skillset. At Books in Harmony, our goal is to create a streamlined accounting system so your expenses are clear, and understood. We are a team of caring and passionate professionals, committed to streamlining your books and setting you up for long term financial wellness.
Just like a personal trainer can help you reach your fitness goals, a bookkeeping company can help you achieve your financial goals. If you are ready to take the next step, our dedicated team can take care of your bookkeeping and save you time, so you can focus on running your business.