Miscellaneous expenses are killer when it comes to tracking your expenses in your business. Years before, the struggle was with the receipts.
Now, the battle is with Amazon and Paypal receipts. Where did our money go?
In the fast-paced need of running a business, we need to run to the store or jump online to grab that last-minute ABC
etc. Whatever you need to purchase for your business, I promise you; you won’t remember.
At the moment, you might. But now (I hear this is a COVID-brain thing), retaining this information is difficult.
Don’t Procrastinate: Dig for Your Miscellaneous Expenses
I suggest that you scan your bank statement, credit card statement, and bookkeeping program and define what those miscellaneous expenses are.
Did the expense have to do with a customer’s project? By right, you need to apply that cost to the project.
Is the expense reimbursable? Well, get that dough! Make that expense report today!
I’ve seen small business owners with over $20,000 in “miscellaneous expense.” When they try to plan, they can’t because they don’t know their actual costs.
The big, prominent place of vulnerability. Vulnerability is remarkable for some things, but not when you’re running your business’s books.
So today, recode those miscellaneous expenses.
Learn more with me!
Please check out my article called How to Save Money on Business Expenses here. Let me know what you apply and how much money it saves you.