How to Track Business Expenses Year-Round

Tracking Business Expenses Year-Round

Why Year-Round Tracking Matters

• You capture every deductible expense
• Tax prep is fast and accurate
• You're protected in an audit
• You understand your business finances better

Set Up a System in January

1. Open a dedicated business bank account
2. Get a dedicated business credit card
3. Choose accounting software (QuickBooks, Wave, FreshBooks)
4. Set up automatic bank feeds

Categories to Track

• Advertising and marketing
• Office supplies
• Business meals (50%)
• Travel and transportation
• Professional development
• Software subscriptions
• Professional services (legal, accounting)
• Equipment purchases
• Phone and internet (business portion)
• Home office (if applicable)

Tools for Receipt Management

• Expensify: Scan receipts, auto-categorize
• Dext (Receipt Bank): Snap photos, syncs with QuickBooks
• SAP Concur: Enterprise-level expense management
• Your phone's camera + Google Drive: Simple and free

Monthly Habits

• Reconcile your books
• Review P&L vs. prior month
• Log mileage (separate from bookkeeping)
• Save receipts digitally

Mileage Tracking Apps

• MileIQ, Everlance, Stride: Auto-track drives using GPS

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Behind on your bookkeeping? K2 Tax Solutions offers professional bookkeeping to get you caught up.