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Marvelous Tips for Tracking Business Expenses

by Olufisayo
Tips for Tracking Business Expenses

Tracking business expenses is essential part of the overall accounting for your business. It not only helps maintain records but also help management make proper strategic decision in terms of investment and controlling unnecessary expenses.

Open up a Bank Account

Bank account automatically helps track your expenses, banks will provide you statements, online transaction access and even some cases database management for your business expenses

Business Tracking Software

Another option is to evaluate different software and suites available for expenses tracking and other accounting activities. There is option of complete Accounting suites to more specific suites designed for your needs. There are programs designed for small business for fewer budgets like waves, Evernote, Form mobile & Bump, while there is also option for complete packages like Microsoft dynamics.

Tips for Tracking Business Expenses

Hire Accounting Professional

Hire Accounting professional with specific experience in expense tracking and reporting. These individuals are trained in using different programs or even creating their own program using basic spreadsheet software to track expenses and report it in real time.

Integrating different business functions

Another option is using your current ERPs to integrate different business functions like Sales, Marketing, Finance and operations. This integration will help reporting of any budget and expenses by different department in real time to the expense management suite.

Determining your Business Taxes

It is important to determine and report your taxes to the relevant tax authorities as well as record your tax expenses. FBR has now introduced online portal to register and declare your sales tax and other business related taxes. Keeping your business accounts updated and declaring taxes on regular interval will not only help track your expenses but also avoid any issues with the tax authorities.

Setting up Payroll system

It is also important to determine and track your payroll expenses, which includes salaries, wages and other benefits paid to the employees. The option for this is using your current ERPs suite to get the payroll system or purchasing a different payroll program to complete this. Your business bank account will also help you determine and track your payroll expenses.

Use Mobile Apps

Use mobile programs to not only track your expenses but to get the information in real time on your mobile devices. This will help management on the go to make critical business decision without wasting any time. Mobile friendly versions or mobile extensions of current expense tracking software and systems are already available. You can use these system extensions or deploy a new mobile friendly system. If your business has professionals of app development they can also help you develop or customize your mobile business tracking apps.

Another important thing is constantly reevaluating your methods of tracking expenses. A small business may start out tracking its expenses using only spreadsheet based systems then move onto more comprehensive programs. The goal is to understand your business needs and also consider affordability factor when deciding on expense tracking system.

It is extremely important to track, understand and report your expenses for smooth operational flow and better decision making for the business. It doesn’t matter what system you use, it depends on the size of your business, budget, industry and a lot of other factors.

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