How to manage expenses
Want to start taking your expenses seriously? Our quick guide to managing expenses gives you everything you need to keep track of your finances so you can focus on growing your business.
What are expenses?
Expenses are money spent by a business in the hope of creating revenue. An expense could be a number of things, but here are some common examples:
- Office supplies
- Travel for business
- Rent
- Advertising
Expenses could be made by yourself as a business owner, or by your employees on behalf of the business.
How to manage expenses
The best way to manage your expenses is with accounting software. This way, you can keep track of all your finances in one place.
It’s important to make sure that you aren’t spending too much money on expenses. Here are some simple tips to help keep your spending in check:
Create a business budget
You should make a business budget to plan for the future. Your budget will help you know how much money you can realistically spend on expenses. Read more about how to create a business budget.
Get to know your expenses
Use an accounting software to see what you’re spending on a regular basis, and which items you are purchasing. Softwares with a reporting feature make it quick to check up on your costs.
Create an expenses policy
If your business has employees, it’s important to create an expenses policy to inform your colleagues what are, and aren’t, appropriate expenses to claim for.
Manage my expenses with Bokio
Bokio accounting software lets you, and your employees, manage your expenses and record them in the same place as your accounting.
Bokio’s online expenses software has lots of easy-to-use features to make expenses quick:
- Upload your receipts or documents online, or use our receipt capture mobile app to upload expenses on the go
- Record your expenses to your accounting with just a few clicks
- Access for all your employees! You can approve their expenses, and limit their permissions
- It’s easy to see your expenses if you need to do a Self Assessment tax return
