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Hacks to Keep Your Business Expenses in Order

Published: 10/04/2018 - Filed under: Home » News »

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Whether you’re a business owner or an employee that travels for business regularly, you’ll know it’s important to keep accurate records of your expenses. These expenses will be for a vast variety of things including travel, car allowances, accommodation costs and many other items that you can claim back. Getting organizedand into a routine is essential for calculating the right figure when it comes to filing the correct amount each year, so what can you do to help yourself to make the process run smoother and ensure you have everything you need. Take a look some of these handy hacks to get your expenses and records in order.

Find out what records you need 

There’s no point keeping every single receipt unless you are confident you can use this for your business expenses. There is a host of things you can claim for but getting this list will help you sort through all the paperwork and information you have stored for the year. Take a look at some of the categories that you need to keep records for:

•    Professional memberships
•    Travel costs
•    Equipment for work
•    Home office expenses
•    Clothing (Protective or Uniform)

File everything

Many people tend to have their records piled up in one place without any order. Thisdisorganizationwill lead to them spending more time on tiresome taskswhen it comes to tax return deadline. Getting everything in order and incategories will help to make it easier when it comes to noting everything down. It’s also a good idea to backup items such as receipts by scanning them when you receive them, as sometimes the paper can fade leaving you with no information on what you spent. 

Keep a list or spreadsheet

Once you acquire something or spend your owncash for business expenses, instead of just filing it away, why not consider making a list as you go along. Creating a spreadsheet during the year will help keep a running total of all your costs, and when it comes to filing your tax return online; the process is super easy as you have everything organizedand ready. 

Don’t throw away receipts

If you’ve made a list of all your expenses, be sure to keep the proof of what is on the list. Without this proof, then you have no backups of what you are trying to claim and may run into issues later down the line. If you knowthat you spent money on something that canbe claimedfor, butyou don'thave the receipt anymore, be sure contact the vendor and chase up, as you might lose out. 

Keeping records is reallyeasy if you get everything in order and try and be as organizedas possible. There are also plenty oftools and appsto help with recording receipts and expenses on the go, so check out what is available online and you can start keeping track of everything as it comes in, which saves you time in the long run.  

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