If you are serious about your business, one of the first things you need to do is develop a project expense tracking spreadsheet. This spreadsheet will help you keep track of all of your project expenses. The reason you need to keep track of everything is so that you can properly budget the money you spend on the projects. No matter what type of business you are in, there are many different expenses you have to deal with.
One thing you must keep track of is the credit card bill. You will have to account for every single dollar you spend on a credit card. The easiest way to do this is to keep a spreadsheet where you enter every credit card transaction every month. Then you can see how much you spent on each card.
Another small business expense, you will have to deal with is payroll. Your accounting department is going to handle all of your employees’ payroll and also help you keep track of taxes, too. A spreadsheet will help you create an accurate record of your expenses.
You must account for miscellaneous items as well. It is normal for someone to forget to add a certain item to a project or to leave out a tax deduction. To help prevent problems like these, you will need to track the expense on a spreadsheet.
Items like phone bills, gym memberships, travel expenses, and other miscellaneous expenses can be handled on a spreadsheet. Every one of these should be entered on the spreadsheet. Once you add it all up, you will have a more accurate picture of how much money you spent on each item.
For those who are keeping records every month, the biggest issue you will have is trying to remember which month is the correct one to do it in. When you have a regular schedule, you will find that fewer people will be able to steal money from you. The problem is that people need to be disciplined enough to keep the records kept up to date.
The best way to go about developing a project expense tracking spreadsheet is to do it every month. After a month or two, you will begin to get the hang of it and will not have to spend as much time writing and updating the reports. You will save yourself a lot of time and effort.
It is a good idea to consider hiring a freelance service to do your projects for you. If you have a computer and some word processing software, you should be able to create the reports in no time at all. They will make it easier for you to track and record your expenses.