Tips for keeping track of business expenses

It’s remarkable how the little things accumulate: popping into the shops for some stationary or rushing out of a taxi at the airport to catch an early flight for a crucial business meeting. These are the details that often slip our minds as we focus on the big picture.

Regardless of size, these are all business expenses, and they’re tax-deductible. Make sure to keep records for your business income tax return. As a small business owner, it’s essential to grasp the full scope of your business expenses, both significant and minor, enabling you to monitor costs against your business income effectively.

Some basics

• Keep all receipts and record business expenses accurately

• Maintain a separate business account and/or a business credit card — don’t risk losing track of expenses amongst your private purchases

• Have clear policies for business cards and state what they’re for eg where the cards should be located, personal expenses, change of authorities/pins and what the limits are)

• If you have a team, ensure your team understands all business expenses need to be accounted for, what records they need to keep and who to give them to

• Don’t give sole oversight over expenses to one person. Have another person check expenses against bank transaction reports. Review the records with your other management reports

Please get in touch with us today if you need more help sorting your expenses out.

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