One of the easiest downfalls in a new business is forgetting what you spent and losing receipts. If you fail to properly record your expenses, you will miss out on tax deductions as well as lose sight of what it takes to properly deliver your product or service. Fortunately, the days of the shoe-box of receipts is over. In a previous post we discussed using an accounting system to track income and expenses. Now we will talk about using an application top capture your expenses to get them into the accounting system.
Some questions to think about for your business are:
- How many users will you have?
- What is the monthly fee?
- Can I install it on the type of phone that I have?
- Will it integrate with the accounting system I have chosen?
- Will pictures of the receipts automatically try to figure out the details so I don’t have to type them in?
- Will it track mileage for me?
Based upon some of these questions, you will be able to determine what is best for your organization. Making expense tracking easier for yourself and your employees is key to ensuring you have the most accurate and most real time information to run your business.
Michael Giuffrida from Southington CT has been operating businesses since 1997. He is an experienced entrepreneur in business management, profitable growth, business valuation, mergers and acquisitions, and information technology managed services.