Tracking Your Business Expenses [Internet Business Digest]

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Tracking Your Business Expenses
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Hi Ahamed,

Business expenses need to be budgeted for when
you are starting a business. These expenses are
typically categorized according to type. One of
the larger categories of business expense falls
under the heading Administrative Expenses. These
business expenses are those related to the
day-to-day operations of the company.

It is important to understand these
administrative expenses. When you are preparing
your budget and pro forma statements you need to
be aware of the options that impact each of these
business expenses.

The first business expense to look at is payroll.
Your business needs to be able to pay you. This
business expense may be regular or infrequent but
it needs to be budgeted for.

Next is business expenses related to
telecommunications. These are items like cell
phones, business phone lines, and Internet access.

Insurance is an important business expense in the
administrative category. Here you need to
consider business insurance, general liability
insurance, casualty insurance and health
insurance.

Health insurance is a huge business expense. Our
recommendation when budgeting for this is: If you
have a spouse that has health insurance try to
stay on their policy. If COBRA is an option for
you, try to arrange that. This is a very costly
business expense so do your homework carefully.

Bank fees are a business expense that many people
don't even think about. You should realize though
that banks charge a fee to open a business account
and the monthly fees are typically higher than for
personal accounts.

A related expense is the fees charged by the
credit card companies. These add up to huge
business expenses as they typically charge at
least two or three percent on each transaction.
And many small-business owners absolutely love
American Express, which usually charges even
higher percentage fees.

Another large business expense item is
professional fees. These are the fees you pay to
your accountant and/or attorney to advise you on
different stages of your business as well as other
benefits.
Other common business expenses in the
administrative category include:
Travel and Entertainment
Office Supplies
Vehicle Expense

The Bottom Line on Business Expenses

You need to understand and research every
business expense when you begin the process of
budgeting. The business expenses related to
administration often get overlooked as they are
not the obvious sales related expenses. This
business expense category accounts for a large
portion of your overall expenses so it is worth
examining closely.

To get more business resource tips,
Visit http://www.aicbusinesnetwork.com

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