Business expenses can seriously cut into your profits if you don’t have them under control, so it’s important to keep track of every penny spent in order to avoid overspending, whether it’s on office supplies or travel expenses. Automating this process can take some time and effort, but it will ultimately save you time and money (and your sanity). Here are the top five automatic expense tracking systems currently available, so you can pick the one that works best for your business!
Step 1: Understand what expenses you need to track
There are some expenses that may not seem necessary to track, but in the long run, they can cost you a lot of time and money. When you start your own business, you need to track all of your expenses, including:
– Rent or mortgage payments – Accounting fees – Advertising costs – Repairs on equipment or property – Utilities (electricity, gas) – Public transportation costs – Office supplies (paperclips)
Step 2: Assign expenses to categories
When tracking expenses, it’s a good idea to assign them to specific categories. The more detailed your expense tracker, the easier it will be for you or someone else in your company to find where money is being spent. Categories typically include:
Step 3: Choose the best business expense tracker app
There are various business expense tracker apps on the market, but these five come highly recommended.
Xero is a cloud-based accounting app that syncs with your bank account so you never have to worry about reconciling your balance sheets. Clear is an innovative app that helps you save time by automatically categorizing expenses for you. Tiller automates all of your bookkeeping, making it easier for you to stay on top of your finances.
Step 4: Add your spending manually
Once you’ve set up your accounts, the next step is to add your spending manually. This is important because it will help you keep track of your expenses, which can be difficult if you’re using a service that auto-tracks your spending.
1) Click on the + sign in the upper left corner of the app or click Add expense from the home screen.
Step 5: Upload transactions automatically
After you’ve started a new business, it can be tough to keep up with all the expenses. However, there are lots of tools out there that automate this process for you. One of our favorite automatic expense trackers is Expensify because it allows users to take pictures of receipts with their mobile device or upload them online, which makes expense tracking faster and easier than ever before. Plus, their mobile app has a barcode scanner so you don’t have to manually type in every receipt!