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Starting to see the importance of tracking? We thought that might be the case. Then you’ve got your meetings at the local steak restaurant to woo over clients-another expense. The wages paid to the part-time production coordinator who works 5 hours a week for said freelance designer would also be a business expense. For example, for a freelance designer, a laptop would be considered an expense, as would programs like Photoshop or Illustrator. They’re considered to be any outflow of funds that are used to cover the cost of goods and services that your business uses. What are business expenses?īusiness expenses are funds paid by your business for your business. Sounds simple, right? Read on to see how easy expense tracking can really be. Make it a habit: Review and categorize your business expenses regularly.Go automatic: Connect your bank account to your accounting software to automatically import transactions.Keep things separate: Have a dedicated business bank account and card.Don’t do it alone: Use software to categorize and keep your expenses all in one place.Store your receipts: To make this easy, digitize all your receipts with a receipt scanner.Need a bit of TLDR on the topic of tracking business expenses before you dive into the details? We’ve got you (and your expenses) covered. Review and categorize your business expenses regularly .To get you started on the pathway to financial discovery, we’ll use this article to review how to keep track of business expenses in just four easy steps: The good news? Finding out the answer is pretty easy.
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It’s also one that you need to ask yourself as a business owner-especially when it comes to finances. “How are you really doing?” isn’t just a question we (try to) answer in therapy.