8 Major Tips to Track down Your Expenses While Traveling down the Road
Did you lose another week just billing down the receipts through all your credit card charges, and paper receipts that would work out to show how many purchases were done and were the business expenses? If so then it is the right time to set up the organizational efforts by implementing an expense tracking software that would help in tracking down the business in real-time. Given below are the 5 major tips that would help you track down your expenses while traveling down the road.
1.Making use of credit cards where ever possible: Credit cards are generally considered to be everyone’s best friend especially while traveling. For example, when charging a meal on credit, I am sure that you would be getting a receipt that you could save and enter when you return from the vacation. Even if you lose or forget to keep the receipt the purchase would show up in credit statements entering the expenses at that time.
2. Staying on top of your receipts: When you have receipts related to the business-related purchases then have them stored in the envelopes or shoe boxes and then filing them in an accordion file organized by month. If you are audited you would here then require receipts as evidence for all the evidence made.
3. If you do not get a receipt then jot it down in another receipt: There are times when you would not get receipts for the expenses made. And in things like cash tips, street food purchased are something that does not come with the paper trail, you would here then need to jot down the expenses in the margin of receipts that you already have with you. Also, it would be great if you remember where the money is being spent and write down those expenses.
4. Using the right software to track down and analyze your business expenses: Most of the expense management software programs provide options to create the expense categories and linking them to line the items on your tax forms reducing the time spent on billing your business expenses. These are programs that could be used to generate profit and loss statements assessing the financial health of your business.
5. Taking down notes in your phone: This is one of the most alternative methods that most of the individuals like, as they would not have to deal with the receipts making a note in their smartphones about each and every expense made. This system has generally seemed to work out well if you have a texting plan too. You could again go one step further and choose a mobile expense tracking software app.
6. Centralize Travel: Instead of having each booking done separately, consider consolidating your traveling by going through the same website for each and everything you need in terms of travel. Say for example Expedia has a business section that would help you book trips tracking down the expenses all in one place. Once you have hired employees in the team the centralized type of space would be beneficial.
7. Scanning down the receipts: If you have a regular practice of maintaining all the receipts in the pocket of your laptop bag, you are then losing out a few expenses. The loss would then add up to hundreds and dollars of dollars. There are a few apps available online that would help you track down all the expenses using smartphones or tablet cameras. Once you have the receipt saved you could then have the paper version thrown away. While looking out for receipts in the app do make sure that would allow you to find receipts you need when you need them.
8. Being Timely: Have your expenses recorded on a timely basis so that you do not end up with a pile of receipts. Having your receipts documented regularly would not just save your time in the long run but would also ensure that your financial records are up to date.
So what are your tips for tracking down the business expenses while traveling? We are always open to some good ideas and suggestions in terms of expense management software. Help us out with your expense management tips by leaving the comments below.