Modern Australian
The Times Real Estate

.

4 Smart Ways to Track Business Costs

  • Written by News Company



Tracking your business costs involves identifying every expense made during a particular period of time. Doing this can seem like a lot of work, but it helps you stick to the business’ budget, avoid unnecessary expenditure, and to prioritize expenses that directly contribute to the growth of your business.

Ideally, you should itemize all your business expenses on a daily basis. But this isn’t always easy.

We have compiled this comprehensive list of smart tips to help you organize your financial records and track your expenses without hassle.


1. Open Business Financial Accounts

For small business owners, the boundaries between personal and business finances can get blurry. Unfortunately, this could cause you trouble, especially during tax season, when you need to avail your receipts and bank statements to justify any tax returns.

In addition to helping you separate your business and personal purchases, a business account deters you from using cash. Cash purchases come with only a receipt, while bank transactions are recorded in both your bank statement and your receipt.

You might want to sign your business account up for a credit card, as some cards offer great discounts, cashbacks, and redeemable reward points.


2. Get a Fuel Card

If you frequently take business-related trips or have a fleet of company vehicles, it’s a good idea to get a fuel card. They not only help you avoid cash fuel purchases but also have useful fleet management features.

For example, you can set fuel limits for each driver, prevent them from fueling above a set tank size, and monitor their mileage and fuel consumption.

As everything is well documented, you don’t have to question your employees on where, when, and why they stopped for fuel.

Some of these cards can even be integrated into your accounting software, further reducing the amount of work you need to do. There are lots of options available, each offering unique benefits. Consider what will work best for your business.


3. Properly Store Your Receipts

This cannot be overstated. Tax audits can sometimes ask for receipts in order to substantiate your return claims, and if you don’t have them in hand, you could lose a lot of money to the taxman.

Additionally, make sure to clearly state the purpose of the purchase on the receipt. A receipt from a local restaurant won’t help you much unless you prove you were there for lunch with a certain client.

Here are some useful tips for storing your receipts:

● File them

● Arrange them in chronological order

● Consider scanning them and storing them in the cloud

● Keep a detailed business calendar record as a backup

● Make sure to file supportive documents such as bank statements


4. Take Advantage of Cloud Accounting Software

Business owners are rapidly shifting away from traditional bookkeeping methods. The desire to access their financial data on the go is driving business owners towards cloud accounting software.

It frees you from the trappings of spreadsheets and other manual bookkeeping methods, massively reducing the risk of errors.

Such software stores your data on a secure remote server, keeping it safe from computer crashes. It also easily integrates with credit cards, bank accounts, and fuel cards. Data is updated daily, and you can even configure the software to take care of your tax records.


Stay on top of Your Expenses

Financial tasks can be very uninteresting. They are very involving and yet still have to be taken care of to ensure your business remains in good health. A few smart moves, however, can make it easier to sort out your finances, freeing up more time for other critical business tasks.

Business

What to Look for in a Reliable Junk Removal Service

Choosing the right junk removal service can feel overwhelming, especially with so many options available. Every year, households and businesses generate significant amounts of waste that require proper disposal to...

Freight Shipping a Motorcycle: Avoid These Common Mistakes

Image by Ultimatetransport123 Shipping a motorcycle can be a relatively simple and smooth process. However, even the smallest error can result in delays, damage, or unexpected costs. Whether transporting your bike...

Wealth Without Boundaries: 5 Location-Independent Income Strategies

Photo: Mesut Kaya / Unsplash Many people dream of working from pristine beaches in Thailand, cosy cabins in the Alps, or the best coworking spaces Melbourne has to offer, shifting from...

Top 10 Guest Posting and Content Agencies in Massachusetts for 2025

Digital marketing relies on SEO content creation and guest posting to get more people to see your website, increase search engine rankings, and establish your brand as an expert. There...

Optimising Workforce Efficiency: The Benefits and Implementation of Employee Scheduling Software

"Master workforce management with our guide on Employee Scheduling Software. Streamline tasks & increase efficiency seamlessly!" Employee scheduling presents challenges that can affect workforce efficiency. Balancing employee preferences with operational needs...

Leading the Competition with a Powerful Exhibition Presence

Exhibitions are vibrant, fast-paced events where businesses compete to catch attention and leave their mark. With countless stands offering similar solutions, it’s easy for attendees to feel overloaded and disengaged...

Dating after separation - the do's and don't's

After a romantic split you move forward with plans for fresh dating relationships. The present moment brings excited feelings since you look toward ...

What to Look for in a Reliable Junk Removal Service

Choosing the right junk removal service can feel overwhelming, especially with so many options available. Every year, households and businesses genera...

The Benefits of Choosing Wholesale Packaging Supplies for Your Business

Quality packaging not only protects the product but also plays a key role in your branding, customer satisfaction, and cost management. One of the b...

Freight Shipping a Motorcycle: Avoid These Common Mistakes

Image by Ultimatetransport123 Shipping a motorcycle can be a relatively simple and smooth process. However, even the smallest error can result in d...

Large Bore Steel Pipes: Applications and Advantages in Industrial Projects

As the name implies, large bore steel pipes are massive, powerful tubes. By massive, we’re referring to their large diameters which typically star...

The Business Case for Installing EV Chargers at Service Stations: ROI and Future Trends

As Australia transitions to a net-zero future, the electric vehicle (EV) market is rapidly gathering momentum. With EV ownership in the country fo...

Wealth Without Boundaries: 5 Location-Independent Income Strategies

Photo: Mesut Kaya / Unsplash Many people dream of working from pristine beaches in Thailand, cosy cabins in the Alps, or the best coworking spaces Me...

High Visibility Work Shirts: A Must-Have for Workplace Safety

Workplace safety is a necessity. Workers from construction sites to manufacturing units should be visible for their well-being and they have it by w...

How to Prepare for Your Wedding Video Shoot: A Step-by-Step Guide

Your wedding video captures one of the most important days of your life, preserving precious memories and moments for years to come. To ensure the d...

Preparing for Debt Collection Amidst Economic Downturn in Australia

Economic downturns bring financial uncertainty, especially for Australian businesses reliant on consistent cash flow. The challenges multiply when c...

How to Enhance the Security of Your E-Commerce Site

In the digital age, e-commerce has become a vital part of the global economy, allowing businesses to reach customers far and wide. However, with thi...

Understanding Disability Service Providers: Roles and Responsibilities

Disability service providers are people who support individuals with disabilities. Their role is pretty simple: help people live their lives more in...

Top 10 Guest Posting and Content Agencies in Massachusetts for 2025

Digital marketing relies on SEO content creation and guest posting to get more people to see your website, increase search engine rankings, and establ...

Same Day Rubbish Removal: Convenience and Efficiency at Your Doorstep

In today’s fast-paced world, convenience is king. From on-demand food delivery to next-day shipping, modern living is all about getting what you n...

Optimising Workforce Efficiency: The Benefits and Implementation of Employee Scheduling Software

"Master workforce management with our guide on Employee Scheduling Software. Streamline tasks & increase efficiency seamlessly!" Employee sched...

Enhancing Road Safety with Technology and Apps

Road safety has always been a critical concern for individuals, organisations, and governments alike. With the rapid advancements in technology, a n...

Best Cleaning Methods and Tools for Solar Panels

Solar panels are a fantastic way to harness renewable energy, but keeping them clean is essential to maximise their efficiency. Dust, grime, bird dr...

The Benefits of Implementing a Uniform Policy

A well-thought-out uniform policy can be a game-changer for organisations of all types. Whether you run a corporate office, a retail store, or a tra...