Do you own or manage a small business?
If so, then you understand that staying profitable means that every dollar matters. That’s why it’s so important to track your expenses. After all, it’s no secret that business travel expenses can add up.
Travel and entertainment expenses are a necessary evil when it comes to reaching new customers and keeping them happy. This article takes a look at useful hacks for tracking your travel and entertainment costs that can make a huge difference on your balance sheet. Keep reading to learn more.
Connect Your Accounting Software Directly to Your Bank
Most small businesses have begun automating their accounting departments. This includes using accounting software that makes it easy to balance their books. Believe it or not, you can connect your accounting software directly to your bank so that every transaction is immediately filed and accounted for.
This helps save time and energy, while also reducing the potential for discrepancies.
Digitize Your Entertainment Receipts
Do you get tired of trying to keep track of receipts when making purchases, traveling, or eating out on business? There are tons of apps that allow you to digitize your receipts.
This type of technology makes tracking your travel and entertainment costs easy. To complete this process, simply scan the receipt into the app on your smartphone, and the information will immediately upload to your office accounting software.
Use Dedicated Business Bank Accounts
It’s a bad idea to use personal bank accounts for business expenses. The key to tracking expenses and preventing costly confusion is to get in the habit of using only dedicated business bank accounts for all business-related transactions from travel to office supplies.
Use Dedicated Business Credit Cards
The same is true for credit cards used for business purposes. Never use personal credit cards for travel or entertainment expenses.
Why is this such a big deal? The simple truth is that it becomes a mess having to invest time and energy in separating personal expenses from professional expenses.
Use Virtual Credit Cards
The use of virtual credit cards is one of the best ways to track business expenses. This also helps keep your data as safe and secure as possible. These are disposable card numbers that your bank provides for transactions.
The card number is randomly generated and functions the same as a traditional credit card. The difference is that you don’t have to worry about misplacing your card or having it fall into the wrong hands when your wallet or purse is stolen.
Here’s a resource where you can learn more about virtual credit cards.
Hacks for Tracking Entertainment Expenses
There’s nothing easy about keeping a business profitable. It requires resilience, planning, strategy, and stretching your operating budget as far as possible. Fortunately, these tips for tracking your entertainment expenses will help.
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