Business expense tracker is necessary evil. It is vital for the success of any small business and, if done wrong, could cost a lot of time and money.
Many small business owners do not take time to track their expenses, and that’s a big mistake that can slow down the growth of their business.
Below, you will find free Excel Business Expense Tracker to manage and analyze your expenses. But before we dive using the template, let’s look at tracking expenses that is crucial for your business.
Why You Should Track Your Business Expenses
Simply put, managing your company’s expenses the right way can help boost profits and grow your business.
Moreover, Tracking your income and expenses gives you a clear picture on what your financial situation is. This is a good time to grow your business? Is your business profitable? You can’t make those decisions without understanding your cash flow and knowing where your money goes.
Hence, Having a budget helps to ensure you are allocating resources where your business needs them most. Should you cut down your costs? Can you increase the marketing budget? Are you overspending on paid advertising and social media campaigns? Keeping tabs on your monthly budget will ensure you are meeting your financial goals.
Also, If you make an effort to record your expenses regularly, you will be prepared for the tax season. And since many expenses are tax deductible, they can help you to lower business income, and your tax bill.
Business Expense Tracker Summary
Our Business Expense Tracker allows you to:
- Record or all your business expenses for a given time period,
- Categorize expense,
- Analyze spending with various charts and filters, and
- Review spending on a month by month basis.
Before we dive into these features and explain them more thoroughly, it’s important to point out two high-level benefits of this tool.
- All expenses will be stored in a central location that can easily be reviewed, amended or discussed with your coworkers, accountant or business partners.
- The expenses seamlessly flow into other tabs and provide valuable visual insights into your spending habits.
This template is a perfect tool for:
- Small business accounting such as small business owners, sole-proprietors, and freelancers;
- Anyone who needs to track their expenses in a corporate setting; and
- Any of that simply needs to track expenses for their accountant, the accounting department at work, or for personal use.