Is Managing Your Expenses Painful?

spartan race
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July 18th, 2017
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This summer I’ve been doing my share of traveling and have a new appreciation and love for Spartan racing. If you’ve never heard of it, Spartan racing is where you are part of a team that takes on an incredibly difficult obstacle course. It’s exciting, intense and a lot of fun!

Summer is usually a time for fun, relaxation and new adventures. A lot of people take advantage of having the kids off from school to explore new destinations. Some companies have summer picnics or offer summer retreats as team building exercises. With all of these extra expenses, how do you keep track of them? Here are some ways to keep track of and report your expenses:

  • KNOW YOUR BUDGET– Whether you own the company or are an employee, you should always know your travel budget. Does your company have a per diem for food? Remember, that amount is usually enough for a small breakfast and dinner, and any amount you go over, you’re expected to pay out of pocket. If you’re staying at a hotel with free breakfast, take advantage of that. Even if you don’t eat breakfast, you might want to grab a piece of fruit or a bagel for later in the day.
  • TRACK YOUR EXPENSES– If you go on a trip, keep all of those receipts together and turn them in immediately after your return. If you regularly expense items for work, then make sure you keep a weekly log and turn in your receipts at least once a week so you don’t have too many outstanding expenses.
  • USE AN APP OR CLOUD BASED SPENDING TRACKER – There’s a lot of new technology out there to help you keep track of your spending. Apps like Mint.com, The Birdy, HelloWallet and BillGuard not only will keep track of your expenses, but your budget as well. Other spending trackers will total your bank accounts and even give you your credit score.

Turning in expenses on time and keeping track of them will make a difference in the financial health of your company and your wallet. At Brigade Bookkeeping, we’ve helped dig clients out of a financial mess caused by poor expense tracking. If you or your company seem to have this problem, contact Brigade Bookkeeping to help you get back on the correct financial expense track.

In the meantime, I hope you’re enjoying your summer and making new memories. I know I am!

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