{"id":45386,"date":"2024-04-08T17:05:00","date_gmt":"2024-04-09T00:05:00","guid":{"rendered":"https:\/\/honeybook-v2.site.strattic.io\/?p=45386"},"modified":"2024-05-01T10:07:34","modified_gmt":"2024-05-01T17:07:34","slug":"how-to-track-expenses-for-small-business-owners","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners","title":{"rendered":"How to track expenses: A HoneyBook guide for small business owners"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em><em>From improving budgeting accuracy to making tax season easier, discover the benefits of tracking business expenses. Gain control over your cash flow with these tips and tools for comprehensive and accurate business expense tracking.<\/em><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1024x793.png\" alt=\"Tracking expenses online\" class=\"wp-image-94381\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1024x793.png 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-300x232.png 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-768x594.png 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1536x1189.png 1536w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments.png 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>As a small business owner, you&#8217;re constantly juggling multiple roles\u2014from leading your brand to managing client relationships. Amid these responsibilities, becoming an expert in accounting might not be high on your list. Yet understanding the best way to track your business expenses is crucial.<\/p>\n\n\n\n<p>From simplifying tax season to providing a clear view of your cash flow, learning how to effectively track your business expenses will transform the way you manage your finances while bringing significant benefits to your business.&nbsp;<\/p>\n\n\n\n<p>Luckily, you don\u2019t have to get a degree in accounting or even take a course to learn the basics of tracking expenses. These days, professional business expense trackers like <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/what-is-honeybook\" target=\"_blank\" rel=\"noreferrer noopener\">HoneyBook<\/a> and QuickBooks can do much of the work for you digitally. All you need is a basic understanding of expense tracking and a preliminary setup.<\/p>\n\n\n\n<p><strong>Jump to: <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#business\">What are business expenses?<\/a><\/li>\n\n\n\n<li><a href=\"#expenses\">What expenses should a small business track?<\/a><\/li>\n\n\n\n<li><a href=\"#benefits\">What are the benefits of tracking business expenses?<\/a><\/li>\n\n\n\n<li><a href=\"#tax\">Preparing for tax time<\/a><\/li>\n\n\n\n<li><a href=\"#optimizing\">Understanding and optimizing your cash flow<\/a><\/li>\n\n\n\n<li><a href=\"#3\">3 tips for accurately tracking business expenses<\/a><\/li>\n\n\n\n<li><a href=\"#Tagging\">Tagging your expenses<\/a><\/li>\n\n\n\n<li><a href=\"#Generating\">Generating a profit and loss statement<\/a><\/li>\n\n\n\n<li><a href=\"#5\">5 of the best tools for small business expense tracking<\/a><\/li>\n\n\n\n<li><a href=\"#tracking\">Expense tracking for small business owners<\/a><\/li>\n<\/ul>\n\n\n\n<p>Like with QuickBooks, though, keep in mind that FreshBooks doesn\u2019t have everything you need to manage your client relationships, like lead capture, <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/online-contract\" target=\"_blank\" rel=\"noreferrer noopener\">online contracts<\/a>, and client communication. For that, you\u2019ll need a clientflow management platform.<\/p>\n\n\n\n\n\n<span id=\"business\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"business\">What are business expenses?<\/h2>\n\n\n\n<p>Business expenses span a broad spectrum, covering everything from straightforward operational costs to more nuanced spending. Here are some examples:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Office rent<\/li>\n\n\n\n<li>Utilities<\/li>\n\n\n\n<li>Employee salaries<\/li>\n\n\n\n<li>Equipment<\/li>\n\n\n\n<li>Marketing and advertising<\/li>\n\n\n\n<li>Travel expenses<\/li>\n\n\n\n<li>Professional service fees<\/li>\n\n\n\n<li>Insurance premiums<\/li>\n\n\n\n<li>Office supplies<\/li>\n\n\n\n<li>Software subscriptions<\/li>\n\n\n\n<li>Maintenance and repairs<\/li>\n<\/ul>\n\n\n\n<span id=\"expenses\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"expenses\">What expenses should a small business track?<\/h2>\n\n\n\n<p>Recognizing and tracking business expenses is crucial not only for clear financial oversight but also for compliance with tax laws, effective budgeting, and the overall financial health of your enterprise.<\/p>\n\n\n\n<p>Identifying tax-deductible expenses is part of this tracking process. These are the expenses that the tax authorities allow you to subtract from your total income before your tax obligation is calculated, potentially lowering the amount you owe. Tracking these expenses and your general work spending habits is crucial not only for financial transparency but also for tax compliance, budgeting, and the overall health of your business.<\/p>\n\n\n\n<span id=\"benefits\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"benefits\">What are the benefits of tracking business expenses?&nbsp;<\/h2>\n\n\n\n<p>We all know that tracking your expenses is important. However, one thing that often flies under the radar for independents and small businesses is the specific reasons why.<\/p>\n\n\n\n<p>As a business owner, you\u2019ll need your expense information for your tax returns as well as your year-end reports. Tracking business expenses also comes with these additional benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Enhanced financial accuracy:<\/strong> Keeping a detailed record of your expenses prevents discrepancies and ensures accuracy in your financial reporting.<\/li>\n\n\n\n<li><strong>Optimized budgeting:<\/strong> With a clear picture of where your money is going, it&#8217;s easier to spot areas where you can cut costs and allocate resources more effectively.<\/li>\n\n\n\n<li><strong>Informed business planning:<\/strong> Detailed expense tracking provides valuable insights into your business operations, helping you plan for future growth and adjust your business strategy accordingly.<\/li>\n\n\n\n<li><strong>Increased profitability:<\/strong> By minimizing unnecessary expenses and optimizing your budget, you can increase your business&#8217;s profitability, leading to vital <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/business-growth\" target=\"_blank\" rel=\"noreferrer noopener\">business growth<\/a>.<\/li>\n<\/ul>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88821\" class=\"elementor elementor-88821\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"476\" height=\"534\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner.png\" class=\"attachment-medium_large size-medium_large wp-image-88442\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner.png 476w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner-267x300.png 267w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Download the small business tax filing checklist\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9369481 e-con-full e-flex e-con e-child\" data-id=\"9369481\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a24f349 elementor-widget elementor-widget-text-editor\" data-id=\"a24f349\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Check out the checklist so you can refer to it as you prepare for this tax season.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 click-tax-filing-checklist elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get the checklist<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<p id=\"preparing\"><\/p>\n\n\n\n<span id=\"tax\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tax\">Preparing for tax time<\/h2>\n\n\n\n<p>Tracking your spending helps you identify your tax-deductible expenses and organize them when tax season comes around. Plus, there are a lot of great ideas for&nbsp;<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/creative-business-tax-deductions\" target=\"_blank\" rel=\"noreferrer noopener\">creative tax deductions for small businesses<\/a>. Whether you\u2019re a sole proprietor or single-member LLC, you\u2019ll be able to deduct many business expenses, including those listed above.<\/p>\n\n\n\n<p>Accurately reporting your expenses can also help you yield bigger tax savings, making tax season less stressful overall.<\/p>\n\n\n\n<span id=\"optimizing\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"optimizing\">Understanding and optimizing your cash flow<\/h2>\n\n\n\n<p>When you have an accurate view of your business income and expenses, it\u2019s easier to plan your short- and long-term business financial goals, and to get a hold on your overall monthly budget. <\/p>\n\n\n\n<p>If you\u2019re spending more money than you make, eventually you\u2019ll run out of cash to do business. Tracking your expenses and <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/what-is-cashflow\">cash flow <\/a>will show you if you\u2019re truly making money, or if you\u2019re overestimating earnings by underestimating expenses.<\/p>\n\n\n\n<p>Expense tracking also helps you to identify your cost per product or service. Having true transparency regarding what it costs to produce one unit of your product or provide one service can help you price yourself better and find areas for cost reduction.<\/p>\n\n\n\n<span id=\"3\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"3\">3 tips for accurately tracking business expenses<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Set up a business bank account<\/h3>\n\n\n\n<p>To <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/track-business-expenses\" target=\"_blank\" rel=\"noreferrer noopener\">track your business expenses accurately<\/a>, the first step is to set up a business bank account. Even if you\u2019re a new sole proprietor, separating your personal and business expenses as soon as possible will make everything easier in the long run.&nbsp;<\/p>\n\n\n\n<p>Separate accounts will make it easier to do your taxes, hire employees, purchase resources for your business, and reduce your <a href=\"https:\/\/www.forbes.com\/advisor\/banking\/who-needs-a-business-checking-account\/\" target=\"_blank\" rel=\"noreferrer noopener\">personal liability<\/a>. This is especially true if you obtain an EIN and become a <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/single-member-limited-liability-companies\" target=\"_blank\" rel=\"noreferrer noopener\">single-owner LLC<\/a>. With a clear picture of your business expenses, you can also keep track of how they change over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Audit and categorize expenses for your business<\/h3>\n\n\n\n<p>Even if it\u2019s just with a pen and paper, sit down and sketch a rough outline of all the things you spend money on for your business. Here are some of the most common categories you\u2019ll find and how you can classify them:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost of Goods Sold<\/strong> \u2013 These are the costs directly associated with selling your products or services. You can also think of this account as the price of your product or service without any markup. Some examples of this account are packaging, raw goods, or shipping. If you are a service-based business, sometimes this account can be hard to classify. Some examples of service-based COGS include merchant fees, commission fees, and transaction fees.<\/li>\n\n\n\n<li><strong>Marketing and Advertising<\/strong> \u2013 This expense is the cost to market your product. Some examples of this account are social media ads, branding costs, software, or website development.<\/li>\n\n\n\n<li><strong>Dues and Subscriptions<\/strong> \u2013 This expense captures all of the monthly subscription services that you purchase for your business. So any professional services like Adobe Suite, HoneyBook, website hosting, cloud storage, or others would go here.<\/li>\n\n\n\n<li><strong>Salaries and Wages<\/strong> \u2013 This expense captures all of the wages and salaries that you pay to your employees and yourself. If you have employees or pay yourself a salary, you want to place that expense here. It\u2019s important to include 1099-misc wages in this bucket as well. An exception to this category is if you\u2019re a sole proprietor or single-owner LLC. If you take an owner\u2019s draw, you will pay income taxes on the draw similar to a 1099-misc worker. If you pay yourself a salary, you\u2019re taxed like an employee, and this requires that your business is set up as an <a href=\"https:\/\/bench.co\/blog\/accounting\/owners-draw\/\" target=\"_blank\" rel=\"noreferrer noopener\">S Corp or a C corp<\/a>.<\/li>\n<\/ul>\n\n\n\n<p>Your specific categories may include more or less of a given expense depending on what you need for your business. By mapping out these categories, it\u2019ll be easier to track your expenses moving forward. Whether you use expense-tracking software or a spreadsheet, <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/expense-report-example\" target=\"_blank\" rel=\"noreferrer noopener\">identifying expense categories<\/a> and tracking from the start of the year will save you a headache down the road.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Understand how to use your expense reports<\/h3>\n\n\n\n<p>You might be thinking, \u201cI know how important this but what is the best way to track expenses for a business and create expense reports?\u201d&nbsp;<\/p>\n\n\n\n<p>This is another reason why it\u2019s so important to choose the best expense-tracking software for your needs. In addition to logging your expenses, you also need to make sure they\u2019re categorized correctly so that your reports are accurate.<\/p>\n\n\n\n<span id=\"Tagging\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Tagging\">Tagging your expenses<\/h2>\n\n\n\n<p>Say you\u2019re a freelance artist developing a commissioned piece for a client. When a subscription expense for your business is charged to your checking account, you place it in the \u201cdues and subscription\u201d category. Then, you buy a new canvas for the painting, so that canvas becomes a part of your cost of goods sold.&nbsp;<\/p>\n\n\n\n<p>Lastly, you decide to rent a studio to finish your piece, so the studio rental expense would be assigned to the \u201crent\u201d category.&nbsp;<\/p>\n\n\n\n<p>Here&#8217;s another scenario: Say you\u2019re a strategy consultant for online businesses. You generate a lot of leads through Facebook, so you run Facebook ads every month. That expense would fall under marketing and advertising. You rent office space, so you have monthly bills for electricity and water; these costs fall under utilities. Perhaps you also just purchased a work laptop and accessories. Those would need to be placed under your computer and internet expenses.&nbsp;<\/p>\n\n\n\n<p>Once you learn how each transaction is classified, you can easily assign these transactions and keep your bookkeeping neat and tidy.<\/p>\n\n\n\n<span id=\"Generating\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Generating\">Generating a profit-and-loss statement<\/h2>\n\n\n\n<p>After you\u2019ve tracked all of your expenses, you\u2019ll want software that gives you a <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/profit-and-loss-statement\" target=\"_blank\" rel=\"noreferrer noopener\">profit-and-loss report<\/a> (often referred to as P&amp;L, or income statement), which includes a summary of how much you\u2019ve made or lost after tracking all of your revenue and expenses. This is a \u201cperiod of time\u201d report, meaning that this summary covers data over a designated range of time. This is one of the most important statements for businesses, so make sure you keep this up to date.<\/p>\n\n\n\n<p>Here\u2019s how P&amp;L statements are structured:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenue:<\/strong> the money you\u2019ve made<\/li>\n\n\n\n<li><strong>Cost of goods sold:<\/strong> all of the costs associated with selling your products or services<\/li>\n\n\n\n<li><strong>Gross profit:<\/strong> your profit or loss after subtracting the cost of goods sold<\/li>\n\n\n\n<li><strong>Expenses:<\/strong> all other costs associated with your business (outside of the cost of goods sold)<\/li>\n\n\n\n<li><strong>Net profit\/loss:<\/strong> the summary of all your revenue minus your expenses, which shows whether your business is profitable or not<\/li>\n<\/ul>\n\n\n\n<span id=\"5\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"5\">5 of the best tools for small business expense tracking<\/h2>\n\n\n\n<p>One of the best ways to simplify your accounting is to find the best software that includes the expense tracking features you need. Why use accounting software to track your business expenses? Accounting software streamlines the process for small businesses and facilitates scalable, secure, and compliant financial management.<\/p>\n\n\n\n<p>You might be wondering, &#8220;Can I use Excel to track my business expenses?&#8221; The answer is yes, of course. However, it\u2019s important to note that while Excel is a viable option, it can be quite time-consuming. As your business grows, keep in mind that the time you spend on manual data entry can divert your focus from your primary goals.<\/p>\n\n\n\n<p>Below are five of the best business expense tracker apps. As you review each, keep in mind your specific needs.&nbsp;Independent business owners may need a more holistic solution to business management and accounting, while bigger businesses may need features that enable expense tracking for employees, automated bookkeeping, and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. HoneyBook<\/h3>\n\n\n\n<p>HoneyBook offers more than financial tracking for independent businesses. It\u2019s a <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">clientflow management platform<\/a> that lets you manage everything from capturing new business to booking and maintaining client relationships. Some of HoneyBook\u2019s core features include <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/invoicing\" target=\"_blank\" rel=\"noreferrer noopener\">invoicing<\/a> and <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/online-payment-software\" target=\"_blank\" rel=\"noreferrer noopener\">online payment software<\/a>.&nbsp;<\/p>\n\n\n\n<p>With a QuickBooks integration, that means you can track all your revenue in one place along with expenses and funnel all of your data seamlessly into QuickBooks for more automated bookkeeping.<\/p>\n\n\n\n<p>When adding in your expense transactions in HoneyBook, you can classify them into the categories you already mapped out.&nbsp;<\/p>\n\n\n\n<p>To make it even easier, HoneyBook already has a list of 35-plus expense accounts to choose from, so it helps you take the guesswork out of classifying your expenses. Additionally, if you have a one-time expense for a specific client, you can include the project&#8217;s name next to the expense to gain more insight into the project&#8217;s overall profitability.<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88462\" class=\"elementor elementor-88462\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-99ad397 e-con-full cta_click e-flex e-con e-parent\" data-id=\"99ad397\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-ec10187 e-con-full e-flex e-con e-child\" data-id=\"ec10187\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c538a76 elementor-widget elementor-widget-image\" data-id=\"c538a76\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"404\" height=\"740\" src=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png\" class=\"attachment-medium_large size-medium_large wp-image-88479\" alt=\"\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png 404w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-164x300.png 164w\" sizes=\"(max-width: 404px) 100vw, 404px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d64de4 e-con-full e-flex e-con e-child\" data-id=\"0d64de4\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a918e8 elementor-widget elementor-widget-heading\" data-id=\"8a918e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Get paid faster<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9b97b elementor-widget elementor-widget-text-editor\" data-id=\"0a9b97b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Use HoneyBook to simplify your payment process\u2014no more chasing payments.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cb141f elementor-widget elementor-widget-button\" data-id=\"7cb141f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup%20\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<h3 class=\"wp-block-heading\">2. Brex<\/h3>\n\n\n\n<p>Brex is an expense management platform built specifically for corporate businesses. It includes features like business credit cards, reimbursements, bill pay, global expenses, and travel.&nbsp;<\/p>\n\n\n\n<p>For larger companies, Brex also incorporates automation and AI to streamline the entire process of tracking, tagging, and organizing expenses. It provides an easy process for submitting expenses as well as approving expenses for business owners and managers.&nbsp;<\/p>\n\n\n\n<p>Overall, Brex might not be the best option for independent business owners, but if you operate a franchise or manage many employees, it can help you streamline your expense tracking and bookkeeping.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. QuickBooks<\/h3>\n\n\n\n<p>If you already have a business management platform and are just looking for somewhere to manage bookkeeping and accounting, QuickBooks is one of the top options. Keep in mind that QuickBooks integrates with HoneyBook, so using both can give you the best of everything\u2013client management, payments, expenses, and financial tracking.&nbsp;<\/p>\n\n\n\n<p>If you use QuickBooks alone, you won\u2019t get as much clientflow customization. But, you\u2019ll be able to use QuickBooks invoicing, enhanced <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/5-annual-financial-reports-update\" target=\"_blank\" rel=\"noopener\" title=\"financial reports\" data-wpil-keyword-link=\"linked\">financial reports<\/a>, and expense tracking.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. MileIQ<\/h3>\n\n\n\n<p>MileIQ is great for small businesses that need to track their mileage and associated expenses, though it doesn\u2019t offer comprehensive expense tracking like Brex or QuickBooks.<\/p>\n\n\n\n<p>Business owners like photographers, event planners, real estate agents, and more love the simple pricing as well as the mobile app, which helps them track their mileage in real time whenever they&#8217;re on the go.&nbsp;<\/p>\n\n\n\n<p>MileIQ is a great solution for simplifying one aspect of expense tracking. But keep in mind that it doesn\u2019t offer robust invoicing, <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/payment-processing\" target=\"_blank\" rel=\"noreferrer noopener\">payment processing<\/a>, client management, or other bookkeeping features.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Freshbooks<\/h3>\n\n\n\n<p>FreshBooks is a comprehensive accounting platform, similar to QuickBooks. However, it\u2019s designed a bit more for independent business owners and freelancers. Compared to QuickBooks and other platforms, FreshBooks is easy to set up and get started with.&nbsp;<\/p>\n\n\n\n<p>You can count on essential accounting features such as expense tracking, bill and receipt scanning, project profitability tracking, invoicing, online payments, and more.&nbsp;<\/p>\n\n\n\n<span id=\"tracking\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tracking\"><strong>Expense tracking for small business owners<\/strong><\/h2>\n\n\n\n<p>The bottom line is that you need an organized system for tracking your business expenses, but it\u2019s up to you to find the best system for your needs.&nbsp;<\/p>\n\n\n\n<p>If this means starting with a spreadsheet, that\u2019s fine, but consider software like HoneyBook to help you manage your client base and track expenses through useful integrations. <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/all-in-one-business-platform\" target=\"_blank\" rel=\"noreferrer noopener\">Using HoneyBook will save you time<\/a> and make growing your business easier.&nbsp;<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88494\" class=\"elementor elementor-88494\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"511\" height=\"628\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png\" class=\"attachment-medium_large size-medium_large wp-image-88488\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png 511w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black-244x300.png 244w\" sizes=\"(max-width: 511px) 100vw, 511px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Everything in one place\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-657226d elementor-widget elementor-widget-text-editor\" data-id=\"657226d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Easily keep track of all your clients and projects using HoneyBook.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>From improving budgeting accuracy to making tax season easier, discover the benefits of tracking business expenses. Gain control over your cash flow with these tips and tools for comprehensive and accurate business expense tracking. As a small business owner, you&#8217;re constantly juggling multiple roles\u2014from leading your brand to managing client relationships. Amid these responsibilities, becoming [&hellip;]<\/p>\n","protected":false},"author":638,"featured_media":94381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,545],"tags":[349,350,200,195],"class_list":["post-45386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","category-mobile-app","tag-accounting","tag-bookkeeping","tag-business-expenses","tag-finances"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments.png",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-150x150.png",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-300x232.png",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-768x594.png",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1024x793.png",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1536x1189.png",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments.png",2000,1548,false]},"post_excerpt_stackable_v2":"<p>From improving budgeting accuracy to making tax season easier, discover the benefits of tracking business expenses. Gain control over your cash flow with these tips and tools for comprehensive and accurate business expense tracking. As a small business owner, you&#8217;re constantly juggling multiple roles\u2014from leading your brand to managing client relationships. Amid these responsibilities, becoming an expert in accounting might not be high on your list. Yet understanding the best way to track your business expenses is crucial. From simplifying tax season to providing a clear view of your cash flow, learning how to effectively track your business expenses will&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>, <a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/mobile-app\" rel=\"category tag\">Mobile App<\/a>","author_info_v2":{"name":"Autumn Kyles","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/autumn-kyles"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small Business Expense Tracking | HoneyBook<\/title>\n<meta name=\"description\" content=\"Learn about small business expense tracking and compare tools to organize your finances. Get a better understanding of your cash flow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Business Expense Tracking | HoneyBook\" \/>\n<meta property=\"og:description\" content=\"Learn about small business expense tracking and compare tools to organize your finances. Get a better understanding of your cash flow.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners\" \/>\n<meta property=\"og:site_name\" content=\"HoneyBook\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/honeybook.co\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/proxiedetroit\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-09T00:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T17:07:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments-1024x793.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"793\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Autumn Kyles\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@honeybook\" \/>\n<meta name=\"twitter:site\" content=\"@honeybook\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Autumn Kyles\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"22 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners\",\"url\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners\",\"name\":\"Small Business Expense Tracking | HoneyBook\",\"isPartOf\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners#primaryimage\"},\"image\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-track-expenses-for-small-business-owners#primaryimage\"},\"thumbnailUrl\":\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/04\/Tracking-payments.png\",\"datePublished\":\"2024-04-09T00:05:00+00:00\",\"dateModified\":\"2024-05-01T17:07:34+00:00\",\"author\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/#\/schema\/person\/9fc65d473dbb738afcd8fdab0d2689bb\"},\"description\":\"Learn about small business expense tracking and compare tools to organize your finances. 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