WHAT EXPENSES SHOULD I TRACK FOR MY SMALL BUSINESS?
Q: WHAT EXPENSES SHOULD I TRACK FOR MY SMALL BUSINESS?
You should track all your business expenses, including purchases, invoices, and bills. This includes expenses for materials, supplies, rent, utilities, travel, and advertising. Keeping track of all your expenses ensures that you have accurate records for tax purposes and can claim all the deductions you are entitled to.
As a small business owner, it is important to keep track of your expenses to ensure that your business is running efficiently and to prepare for tax season. Here are some common expenses you should track:
- Office rent or lease payments
- Utility bills, including electricity, gas, and water
- Internet and phone bills
- Office supplies and equipment
- Advertising and marketing expenses
- Professional services, such as legal and accounting fees
- Insurance premiums, including liability, property, and worker’s compensation insurance
- Travel and entertainment expenses
- Payroll and employee benefits
- Cost of goods sold, including raw materials and inventory
Tracking these expenses can help you monitor your cash flow, identify areas where you can save money, and make informed decisions about the future of your business.