Search Results for: blog keeping track of business expenses

What Else Has Value in Your Business (Besides Money)?

We know that keeping track of our bottom line means paying attention to revenue and expenses—but in addition to money, there are things that have value in our businesses that we can consider as part of the “perks” or part of the overall value of our business operations. When I think of other things besides money, I am thinking of things like frequent flyer miles, flexible time, and other perks that are specific to the type of work you do. If you receive samples from vendors or are able to attend conferences and events as part of your job, or … Continue reading →

Spread Sheets for Single Parent Record-Keeping

I don’t know about you, but with three kids, as well as myself to look after (and three cats)—keeping track of information and records can be a difficult part of the single parent’s job. Whether it is dental appointments, booster shots, or even when everyone had the chicken pox—having all of this information at my finger tips can be tough. A few years ago, I decided to take the spread sheets that I love so much in my home business—and use them to organize some of my family information too. This makes the records easy for me to keep track … Continue reading →

Pay Business Bills On Time Too

You might be thinking that personal finance and business finance are two completely different worlds. Well, there are some big differences and it might take some time to learn how to do your business bookkeeping and accounting, or you may choose to hire a professional to help keep you on track. Still, there are some basics that are the same for both. Keep in mind that your business can have a credit record too (or your business accounting can affect your personal credit record and financial reputation) and it is important to pay your business bills on time too… If … Continue reading →

Moving and Your Home Business

Moving is tough stuff! Getting organized and moving from one house to another is challenging and overwhelming enough–without having to take into account a home-based business too… One of the problems with moving a home-based business is that you may need to continue working, while you are in the process of moving. Depending on the type of business you operate, this can range from easy (just taking the lap-top with you and keeping things going) to rather complicated (if you have merchandise or product that you have to have handy). Being able to juggle the tasks and time management needed … Continue reading →

Understanding Meeting Expenses

One of the categories of business expenses that can be tracked and deducted on your taxes has to do with business meetings. This can be meetings you attend that involve clients, customers, vendors, or even conferences and workshops you attend. In order to include these expenses as a deduction, you need to keep accurate records and the meetings have to be related to your home business. Travel to the meetings can be deducted—but you’ll need to check with your accountant or tax professional to find out the exact details of what can and can’t be deducted. Usually, the first “run” … Continue reading →

How Long Should You Keep Your Business Records?

So, now that you’ve set up your record-keeping systems for your home business, perhaps you’ve wondered exactly HOW LONG you have to store and keep your documents and records. While it will definitely depend on the type of business you are operating, and I would suggest checking with your legal and/or financial advisor regarding your specific situation–here are some general guidelines: The Internal Revenue Service (the IRS) generally has three years to audit a tax return. This is called the “period of limitations.” It is a good idea to keep all your important and pertaining tax documents for at least … Continue reading →

Reinvesting in Your Business

Most experts recommend that it is not fiscally healthy to take all the money OUT of a fledgling business. It is important to reinvest in the business in order to keep it growing and solvent. Many of us start our home businesses to provide income and cash flow for our family budget and we may be unsure how to balance taking care of our family’s financial needs, with investing in our growing home business. Buying needed equipment, purchasing more inventory, making sure we have the supplies we need–these are all some of the ways we can reinvest in our home … Continue reading →

Managing Your Business Cash Flow

One of the biggest challenges in a home business is managing the cash flow. Cash flow being the movement of money that is coming in and money that is going out. How you are earning that money and how that money is being spent. When you start a home business, you not only have to keep an eye on your household’s cash flow, but also on how the income and expenses are working for your business. Often, our home businesses have irregular income, unexpected expenses, and other factors that affect our ability to accurately predict our cash flow. This can … Continue reading →

Should You Tithe or Give From Your Home Business?

Charity, tithing and giving to the community may be a value that you hold dear (or at least subscribe to) in your family life, but have you considered whether or not you should also be making charitable donations from your home business? Giving from and through your business can actually serve several purposes. Some business owners find that donating to community projects and charitable causes from their business not only provides them with a means to support good causes and work, but it also helps promote the business. Many large corporations use portions of the marketing budgets to sponsor charitable … Continue reading →

The First Rule of Home Business–Keep a Record of Everything

People have asked me what I’ve learned from doing freelance work and building my own independent business. I realized that the number one rule I’ve learned about running my own business is to keep a record of everything! It doesn’t have to be a fancy record-keeping system or series of systems, but it’s important to keep track of every contact, contract and piece of work I generate in order to stay professional and “on top” of what’s going on. The thing about running your own home business is that there’s really no one else to blame and no one else … Continue reading →