There are plenty of good reasons to track expenses daily:
1. When tax time comes, you won’t spend hours sorting through a pile of receipts especially if it was for a client meeting or an event.
2. You also don’t want to miss out on any valuable tax write-offs
3. But most importantly you’ll know exactly where your money is going every month—so you can cut spending where it’s getting out of hand.
Sorting through receipts is never fun! I don't enjoy it at all! But the right expense tracker app simplifies the process down in minutes. So let's talk about some of the awesome apps out there that you can use to help track your expenses.
When I first started my business I didn't have much to work with so I wanted an APP that was FREEEEEE ! A great free app that is available for solopreneurs is MINT.
Mint is a simple tool for smaller businesses and freelancers to track where money is going. It lets you create budgets and goals within the app, and track your credit score. You can access all of this data through an easy-to-read dashboard, so you know your standing at any time.
Make it even easier: set up alerts for bill reminders, large purchases and more, so you’re really in the loop with your finances.
Platforms: Android, iPhone, web browser
Before a lot of these new programs and apps existed a lot of companies would use Excel to keep track of daily expenses. This is one of the
programs I use to keep track of personal and business expenses. I happened to use Excel when I filed my taxes recently.
Excel spreadsheets are the tried and true method of tracking your expenses (for free). You don’t have to overthink it. Just find a good bookkeeping Excel template and enter all your expenses at least once a week. The great thing about Excel is, once you’ve entered all your transactions, you can generate reports and start getting insights about what those numbers mean. For example, if you use the Bench Income Statement template, your transactions will turn into a handy income statement sheet, showing your profit and loss over a certain period.
Price: Free (comes installed on most computers)