Tracking Business Expenses: A Goodbye to the Shoebox Mentality
The “You’ve got to spend money, to make money” mantra is often used for any business; big and small. And it’s true. There are things that we must buy, cars we must drive, and meals we must eat, in order to carry out day to day business.
As a small business owner, expenses are sometimes overlooked or just not properly reported, so come tax season some of us pull out our old shoebox and hand it over to our accountants. Or worse yet, we reimburse our employees’ expenses and have no means of tracking them.
It’s the shoebox that has no story.
A receipt within a shoebox can’t tell you that your saleswoman spent $45 on a lunch entertaining Client XYZ. It can’t tell you the mileage you or your team has driven throughout the year. Your shoebox is useless.
Tracking business expenses not only makes it possible for your team to be reimbursed for things that they pay for out of pocket to support the business, but it also allows business owners to keep track of all the expenses that are necessary to carry out day-to-day activities.
BlueCamroo’s all new expense tracking addition, which by the way was released today for free to all our users and is available to all new signups, helps your business become better organized by giving you the ability to:
- Create the expense types that team members can claim
- Use and submit expense sheets to be approved by your finance department and then mark them as paid.
- Create expense sheets that collect tax data separately.
- Search all of your expenses by user, by expense type, and more.
If you’re ready to put away that shoebox for good, try the new Expense Tracking in your BlueCamroo workspace today. If you’re not a current BlueCamroo user, but are looking for a way to track your expenses (and the other good stuff like CRM, Project Management, Email Marketing, Time Tracking and more) signup for your 31 day free trial and get organized.