March 3, 2014

5 Super Simple Tips to Keep Proper Track of Your Small Business Expenses

Accounting is probably the largest headache of all when it comes to owning and running a small business. But it is possible to stay on top of things, but you must be organized first. Here are five tips to help you get your expenses in order:

  1. Separation is key. Your personal expenses are different than your business expenses. As such, they need to be tracked separately. It will save you a lot of time and effort in the long run.
  2. Keep up with your receipts. When it comes tax time, in order to deduct expenses from the year, you’ll need proof. Maintain adequate paper records, such as bills or receipts, of all expenses.
  3. Timing is everything. Instead of ending up with a mountain load of receipts to enter at one time, record expenses as soon as possible after they occur to save you time.
  4. Be familiar with deductible expenses. Not everything can be deducted at income tax time. Expenses that are allowed to be deducted include supplies, business-related travel and equipment. 
  5. Hire a Professional. Don’t get discouraged if you feel like you can’t handle it all. As a small business owner, you have a lot on your plate, it won’t hurt to have a professional accountant take care of business expenses for you.

As a small business owner, you need to also ensure that your business is properly insured. If you do not have commercial insurance on your Mesa, Arizona business, give us a call today at Brewer-Lloyd Insurance Group and let us present with a number of products based on your business needs.