If you’re starting a new business or already are a small business owner, you’ll need to know how to track business expenses. Keeping track of your business records can be both time-consuming and hard which makes it a battle for many business owners. However, you’ll know by now that it’s absolutely necessary if you want your small business to be successful.
Handwritten records are not ideal. They get destroyed easily and there always seems to be something missing. Besides that, they’re outdated and with the introduction of the internet and the direction business is moving in, they just aren’t suitable anymore.
Records on Excel are no better. Going into the program every time you make a purchase takes time and effort that many small business owners simply don’t have to spare. Not to mention, these files are always being lost or deleted which can be detrimental to your business. Simply put, they’re a headache just waiting to happen.
Imagine how easy it could be if there was a mobile app that you could record all your expenses on instantly.
Now, imagine if this also backed up online.
Bookipi’s expense tracker does this and more because we believe that expense tracking shouldn’t be hard or expensive.
In this article, you’ll learn how to track all of your business expenses using our expense tracker. We’ll also fill you in on some of our features so you can make the most of our app.
How to add an expense:
- Click add a wallet. From here, name your wallet and set it to the business category.
- To add an expense or income, touch the plus button.
- Add the expense or income amount. You can also choose a category for this expense by pressing the circle icon next to this.
- Select the date and enter the store name or a note as necessary.
- Click the tick button and you’re done. You’ve tracked your first expense!
How to set a budget:
- Click the budget tab (looks like a dollar bill).
- Select ‘Create Budget’.
- Enter the budget amount. Next, select the time frame (monthly or weekly), turn on notifications and choose the categories included in the budget.
- Press the tick button and you’re done. You’ve set your budget!
Features you’ll love:
- Your wallet lists all the expenses that you’ve made. This means that you can go back and look at them anytime.
- Edit or delete expenses if you make a mistake or want to remove something.
- Choose from a variety of expense and income categories. If we don’t have the right category, add your own!
- We automatically generate graphs to show you what proportion of your money is going to a certain expense type and how you’re earning your income.
- See how much and what proportion of your budget you’ve used up (or if you’ve gone over).
- Edit start balances and currency types in the settings section.
- The cloud system backs up all your expenses so you don’t have to worry about losing any data. This also means that you can access your wallet on any mobile device by logging into your account on the app.
- Add multiple wallets if you’d like to keep certain expenses separate.
- If you’re using our invoice app, you can sync this data with the expense app.
If you’d like to watch any of our video tutorials, check out Bookipi University and we’ll walk you through all the fine details. We’ve attached one for you below to get you started!
