Having an expense tracker app gives you the ability to know not only exactly where your money is going, but also how much you should be setting aside to dedicate to every section. The app is free for up to 30 trips per month and it sends your mileage to FreshBooks, where it’s automatically added to your expenses. The standard mileage rate for 2018 is 54.5 cents per mile, according to the IRS.įreshBooks integrates easily with Everlance, an app that tracks your mileage for both tax and invoicing purposes. You’ll also want to track your mileage if you use a vehicle for business purposes-businesses can claim mileage as a deduction on their taxes. Keeping track of your receipts has never been easier. This makes it one of the best expense tracker apps out there, as you won’t need to individually fill in the amount every time. The FreshBooks app has a feature that lets you easily photograph and store receipts in the cloud, while automatically adding the expense to your books. Plus, if you scan your receipts you don’t need paper backups, according to Entrepreneur. There are many apps that make it easier to store receipts digitally. Remember, the IRS requires small business owners to keep their paper receipts, as well as any other supporting documentation like bank statements, for at least three years. Then you can reference back and see who you had lunch with on June 2 of the previous year. It’s a good idea to keep a detailed business calendar as a backup, whether on paper or in Google or Outlook. A receipt for a $10 sandwich six months ago won’t tell you much unless you write down that it was bought during a lunch with a specific client. If you have lots of receipts, organizing by category may make things easier come tax time.ĭon’t forget to write on your receipts what the purpose of the purchase was. Buy plastic sleeves and label them by month or category. Tracking receipts will be so much easier with a dedicated filing folder for each category - personal, business, etc. Use either a filing cabinet or an accordion folder. At the beginning of the year, make one for each month and file your receipts accordingly. Friday afternoon is one option-and be sure to add this task as a recurring appointment on your calendar. If you can’t commit to filing your receipts daily, set aside time on a weekly basis to put those receipts away.
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