TIP: Consider opening a business account to separate your business and personal bank accounts. When in doubt, you can always double-check with a tax expert. To avoid getting audited, it’s important you don’t mix up your business and personal expenses by keeping your accounting clean, accurate, and honest. Tickets to a movie, or a new bike, not so much (unless you’re a film critic or a courier!) Personal expenses are costs that aren’t required for you to run your business.įor example : printer paper, and ink are both common business expenses. Simply put, good bookkeeping = good business! What’s the difference between a business and personal expense?Īny expense that’s directly linked to operating and earning money for your business is considered a business expense, which you can claim on your tax return as a deduction. You’ll be able to file on time and you’ll keep the CRA happy.You’ll be on top of deductions that can help reduce your taxable income.You’ll have a better understanding of your income and related costs.The numbers don’t lie! Make a commitment to track your spend for thirty days so that you can come up with an honest, realistic budget that you’ll actually stick to.Why is it important to keep track of business expenses?ĭiligently tracking and recording all your expenses puts you in control and ahead of the game. (If you don’t have Microsoft Excel use Google Docs, it’s free.)Īs daunting as tracking your expense can seem to be it’s also very revealing. If not you can find one here, here, or here. If you use a lot of cash you can go back in and manually input your purchases.Įxcel Spreadsheets – You should be able to search the templates in Microsoft Excel to find an expense tracker. Mint will then pull that data and organize your spending into categories for you. You simply link the bank and credit card accounts you spend from. – Mint is a free online program that will track all of your expense for you. If you prefer a computer or online tracker here are some options: I’m using one for my fixed expenses (everything I write a check for or that gets withdrawn out of my bank account) and the other for variable spending (grocery shopping, etc.) At the end of the month you’ll be able to tally everything up and see which budget categories you need to work on.Īlso note that most people will need to use two of these per month. The expense column is to record where you made the purchase and the category is to write down the budget category that the expense falls into.
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The date and amount are self-explanatory. This printable has four columns – date, expense, amount, and category. Download the FREE Printable Expense Tracker.I’d much rather physically write everything out – but that’s just me! If you like it you’re more than welcome to download and use it. I am definitely a paper and pen kind of girl. I’ll be using this printable expense tracker. You need all of your data in one place so that it’s easy to analyze. If you’re going to use Mint then always use Mint. If you’re going to use a notebook then always use a notebook. If you’re going to use an Excel sheet then always use the Excel sheet. # 3 Use the Same Method to Record Your Expenses You need to be detailed so that when you reflect back on the month you’ve got an honest assessment of where your money is going. then record them all in the grocery category.)
![business expense tracker business expense PRINTABLE tracker business expense tracker business expense PRINTABLE tracker](https://www.101planners.com/wp-content/uploads/2020/03/Expense-Tracker-1.jpeg)
(On a side note if your budget category “groceries” includes personal hygiene products, cleaners, etc. Record $90 worth of groceries and $20 worth of books – not $110 worth of groceries. If you have a receipt for Kroger and you bought $90 worth of groceries and $20 worth of books for yourself don’t record everything under groceries. # 2 Break Your Purchases Down Into Categories Figure out what time works best for you and take 5-10 minutes to sit down and record your purchases each day.
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![business expense tracker business expense PRINTABLE tracker business expense tracker business expense PRINTABLE tracker](https://www.smartsheet.com/sites/default/files/IC-Small-Business-Expense-Sheet-Template.png)
The easiest way to a) stick to this and b) to not get backed up is to sit down and record your expenses at the same time every day.įor me this works the best after I put my kids to bed but before I start working. # 1 Record Your Expenses at the Same Time Everyday I hope you’ll be joining me so that you can have a realistic working budget by next month too. I’ll be tracking my expenses over the next thirty days so that I can better budget my money.