Managing Your Expenses

Apps are your friends, a good expense tracker can be your most valuable asset.

Not only that but would help reduce your tax bill and would be a lot easier if managed correctly.

Below are 3 tips to keep your expenses in check:

• Make a Budget

Develop a realistic budget and stick to it. It’s good review your budget periodically and revise it when necessary. There are many easy ways to develop a budgeting system such as spreadsheets or online software and apps. These programs will help you determine how much you are spending and more importantly SAVING !

• Log every single receipt This is important, because without comprehensive receipts you have no way to prove the expense. Without authentication you may not be allowed to offset the expense against your income, which means you could end up paying more tax come end of year.

• Capture receipts when you incur the expense Did you know that ink evaporates off thermal paper (used for many receipts)? This is important, because it means that if you leave your expenses too long the ink will disappear from the receipt. Which means you can’t record it.Just one hour a week can help you organise your expenses, manage your invoices, and monitor cash flow. Without these regular slots, expenses can quickly become an unmanageable task. You wouldn’t be the first contractor to leave expense receipts and then forget about them. We are here to help!