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Track Your Small Business Expenses Daily (and how to’s)

By October 17, 2019 October 28th, 2019 No Comments

Spending money for the sake of your business can be a far too accessible and mindless task. It’s easy to forget that money comes in slower than it leaves; however, successful businesses have one thing in common. They track their small business expenses. These business owners know how much, where, and when their cash leaves their company, which allows them to be more financially in-tune with their business. 

And you can get there, too.

There are a few key reasons why you should track your small business expenses every day to achieve the full benefits that other successful businesses out there are receiving.  Here’s why you should make a habit out of tracking your small business expenses—including how-to’s using Kashoo.

Track Your Small Business Expenses Daily (and how to’s)

Become financially aware

We’ve stated time and time again that cash flow management is critical to a business’ success. A surefire way to improve cash flow is through daily, consistent expense management. Tracking business expenses daily not only helps you control cost but also allows you to truly see how much money you’re spending on your business and where it’s all going.

Related: How Cash Flow Planning Helps Your Bottom Line

Tracking business expenses daily also keeps money intentional. After all, “a budget is telling your money where to go instead of wondering where it went,” says Dave Ramsey, author of the “Total Money Makeover.” All these factors ultimately help you become more financially aware, which in turn, affects how you spend money for your business moving forward.

Using Kashoo to track small business expenses:

One of the most well-loved features of Kashoo is expense management. You’re able to do this both in the web application as well as on your mobile app. Once a business purchase has been made, snap a photo of your receipt, attach the file, enter any details of your expense, and voila—you’re good to go!

Determine how profitable your small business really is

There are two factors that we know (or should know) about profitability. The first being that profitability equals revenue minus expenses. The second being that your profits are critical for growth. It’s what helps you identify whether you’re making money, fund your day-to-day business operations,  assists you to attract investors, and aids in receiving financing.

Considering its importance, the reality is that many business owners struggle to calculate profitability. Not because they don’t want to—but because they don’t have the right records of their income and expenses.

Related: How Profitable is Your Business? The Answer May Surprise You!

Using Kashoo to track small business expenses:

Fear not! Kashoo’s accounting and invoicing solution features a simple to use dashboard view with quick and easy ways to create entries from both your laptop and your smartphone. Use your smartphone camera to take photos of any receipts, easily find invoices on the cloud, and keep your records accurate and up-to-date! The best part? You are now equipped with a complete picture of your business finances to make actionable reporting. With these tools and extra knowledge in hand, you can make sounder business decisions to ultimately grow your business.

Better equipped for the next tax season

Tax season likes to creep up on us when we least expect it. But this upcoming season, we’re going to do something about it. As part of expense management, make sure to keep meticulous records on all documents on the cloud, rather than in your shoebox

Using Kashoo to track small business expenses:

On Kashoo’s dashboard, you can access your “Expenses and Bills” section under “Income and Expenses.” At a glance, you’ll see each of your expenses tracked by:

  • Invoice number (i.e. 00015)
  • Date
  • Supplier, if any
  • Details (notes you added during your tracking)
  • Status (i.e. Paid or unpaid)
  • Amount

During tax season, you can easily export this data directly from Kashoo’s dashboard. Use the search button, if needed, and export from your choice of file including Excel, CSV, and Google Sheets. It’s really that simple!

See why small business owners LOVE using Kashoo (even more than Freshbooks or Quickbooks!) Try Kashoo free with absolutely no commitment whatsoever. Our 14-day free trial gives you full access to all the features that you get in any of our subscription plans! So what are you waiting for?

Stay on top of your bookkeeping with Kashoo