3 ways to manage your expenses in your small business

If you are a small business, starting on your business journey or growing quickly, it is now very simple to manage your daily finance administration, including managing the expenses in your business.

Here are our 3 tips for managing your expenses more easily in your small business.

1. Record your expenses in real time & on the go

The best time to record an expense is as soon as you spend the money! If you use cloud accounting, such as QuickBooks, you can capture paper receipts on the go via the app with the receipt and capture feature. Once you take the photo, the receipt and the expense appear digitally and automatically in your quickbooks account. Capturing all expenses means you are working compliantly and efficiently and not missing any tax savings.

Go digital & ditch paper receipts

Gone are the days that you need to keep physical records or receipts and invoices of your business transactions for six years - HMRC are happy for you to keep digital records instead.

Expenses versus costs

Direct costs affect the profit margin of your product or service, also known as cost of sales. Expenses, sometimes known as operating expenses, affect the profit margin of your company as a whole. When you're recording expenses, it's really important to keep these separate from costs in case of HMRC inspection.

Mirandus are a digital tax & accountancy practice

We believe that a compliant and tax-efficient business is the foundation for success, and that these areas shouldn’t be barriers to any business growing and achieving what they want to.

Contact us to see how we can help run your small business compliantly and tax efficiently.