How to track and manage your small business expenses?

By acclux team May 30 , 2014

Recording and tracking business expenses help small business owners to identify unnecessary expenses and cut costs to keep a healthy cash flow. It's a great way to get the best tax benefit for your company and be better prepared at tax time. However, managing the costs of business operations might be the task that every business owner postponed to the next day since it can take time and efforts more than expected.

So how you can manage your expenses with less time and effort? Here are a few tips.

1. Use technology. Having a cloud-based accounting software such as acclux accounting can be a huge time saving. You can easily record your expenses if you are at work or on the go. Also acclux accounting comes with various reports and analytics tools that help you to track you expenses and export it to beautifully designed sheets in excel or PDF format.

2. Separate your business and personal finances. Never use personal cash or credit cards for business expenses. Open separate bank accounts and credit or debit cards that used only for business expenses.

3. Record your expenses right away and don't wait till tomorrow or next week to record them, especially if you are using accounting software so you will always know the correct amount of cash you are currently having. Also record your expenses accurately with correct categorization for easier tracking.

4. Keep your eyes on your expenses; you don't want to end up with bad or unhealthy cash flow. Use your accounting software to monitor your weekly and monthly expenses.

If you're not familiar with acclux accounting, it is simple, yet complete accounting and project management software. It has been designed to meet the need of small yet growing business. You can get more information about acclux accounting by visiting the acclux accounting page.