You’re struggling to track your business expenses. What can you do to stay on top of your finances?

This is so important. I cannot stress this enough. When someone has a small business and they think that it's ok to co-mingle business and personal - they don't look at the big picture. As your business grows it will just get harder to keep track of what's business and what's personal. Do it the right way - right away. Open a business bank account!

I concur. Some of my clients were lax about this. I wasted so much time going through extra transactions, seeing so much personal spending information that I should not have been privy to. Yes, you may make a few extra points, but it really is not worth it in the long run.

I agree with Chanie Hirsch, Maintaining a dedicated business account not only simplifies tracking expenses but also enhances financial transparency, which is crucial for accurate budgeting and forecasting. This practice establishes a clear financial boundary between personal and business finances, aiding in more precise tax preparation and potentially minimizing legal liabilities by demonstrating financial diligence to auditors or in legal proceedings.

Having separate business accounts is CRITICAL. If you are a sole proprietor, it's ok to have the accounts in your own name, but have a checking account and a credit card that you use ONLY for business. If you have an LLC, Corporation, Partnership or other legal entity, having separate accounts in that entity's name is important not only for bookkeeping purposes but also legally to maintain separation between the entity and you as an individual.

Open Business bank account, have a business credit card, have a business Uber account, have a business amazon account.. There are all the tools and options available, you just need to spend the energy on that direction to set it.. You can claim GST on business expense, you need to have proofs of business expense for you income tax purpose. Better to set process and follow it "Following compliances may increases some cost however Missing compliance can cost you a lot"

As you are looking at options remember that the best tool is the one you use. A complex tool that has tons of features and reports won't be any good if you never use it.

Choosing the right expense tracking method depends on your personal preferences and needs. Low-tech options: Pen and paper: Pros: Simple, free, customizable. Cons: Time-consuming, easy to lose track of receipts, prone to errors. Spreadsheet: Pros: Free, flexible, allows for customization and calculations. Cons: Requires manual data entry, can be tedious, prone to user error. Tech-based options: Expense tracking apps: Accounting software (QuickBooks, Xero, etc.): Pros: Comprehensive features, integrates with other financial tools, advanced reporting and analysis. Cons: Can be expensive, complex interface, not ideal for simple needs.

Other considerations I have found to be relevant at times include: - ability to download historical data when switching applications. - ability to share access with your tax advisor. - web versus app features.

Reviewing your budget monthly may be a bit too much. Sometimes expenses are cyclical, and in one month you dont see the proper flow. It also takes time for all the invoices to be entered into your system. A quarterly review gives a nice overview of a significant period of time. Enough to give a thorough picture, but not too much time that it is to late to plug the leaks. #my2cents

When scanning invoices and receipts, make sure you are in compliance with your local electronic records laws. Some jurisdictions require keeping a log who scanned, and when the receipts were scanned. #my2cents

These professionals bring a level of expertise and precision to the management of financial affairs that is difficult to replicate internally, especially for small businesses without dedicated finance departments. An accountant, on the other hand, can provide a broader range of services including tax preparation and planning, financial forecasting, and strategic financial advice to support growth and profitability. Hiring such experts not only safeguards the business from potential financial mismanagement and legal complications but also frees up the business owner to focus on core business activities

Reviewing expenses regularly and evaluating the value each expense brings to the business in the form of revenue creation, time savings or peace or mind, can help you eliminate expenses that are not adding value to the business. This step can be combined with the budget review discussed earlier.

1) Budget! 2) Record all income and expenses of the business. 3) Monthly or weekly review of income and expenses. 4) Evaluate reasons for the variances. 5) Take action to correct the causes of the variances. 6) Let an accountant advise you and handle the processes so that you can concentrate on your business.

I'm working on a prototype which will make it easy for business owners, entrepreneurs and Companies in general. The bulk mailing process can help track your business finances, controlling personal expenses as well. Ask me about this prototype compatible with software such as Microsoft and Google docs. Follow #app testers needed - I'll follow back #linkedin #instagram #youtube @ISASApp #facebook @InQuExSolutions #app #testers needed InQuEx Solutions - Administrative Services App

People don't Plan to Fail, They Fail to plan.. Diligently track the expense, set the process, get the MIS prepared and study that.. It's a really powerfully way to get hold of the expenses and spend where it matters most.