Track your business expenses

It’s a terrific adventure to own a business but, it’s not as we are seeing in movies where everything just works because you have passion. Most of the time, a business fail because of a bad money management.

Don’t be your business slave, turn your business into an opportunity for you and your clients by answering the following questions:

• How can I control my expenses?

• Should I write a budget?

• Where can I find the tools to track my finances?

Stay open to deal with problem and be able to grow

Since you’ve already started your business, even though it’s not going as planned, you are making sales at time. That’s why the first step should be about setting a budget.

You don’t have to be an accountant to get it (feel free to hire one if you have enough money to do so) because the sole purpose of a budget is to list your needs and expenses. Use them as your arrival point by asking yourself: what should I do to cover those expenses? There’s a lot of ways to find and an answer (increase sales, diversify sales channel, reach for a bigger market, choose a niche, prioritize some expenses over some others, etc…).

Organizing is just one big game of Tetris

Step 1: List your all your business expenses

You can download a template by following the link “template”

Step 2: Schedule your expenses

There is 4 sets of expenses: one-time, recurring, fixed and variable.

Take the test

Schedule your expenses : test

Schedule your expenses : test

To make sure that you can figure it out by yourself, please take the following test. Don’t worry you’ll get the answer just after completion.

Please check the variable expenses

Income taxes

Insurance

Please check the fixed expenses

Food delivery

Gaz for the car

Please check the recurring expenses

Electricity bill

Salaries

Please check the one-time expenses

Monthly taxes

Business registration fees

To make things simple, here’s what you should know:

one-time expenses are done only once (equipment, etc…)

recurring expenses are happening each short period (maintenance, etc…)

fixed expenses are hard to change (salaries, etc…)

variable expenses are changing according to your sales volume (number of plates for delivery, etc…)

Step 3: Spend money to get money

List the expenses which are related to a profit boost for example SEA management, lunchboxes (if you are restaurant making deliveries), etc… Again you can use the following template to make it easy for you.

Step 4: Tools to facilitate your budget creation

You can use an accounting or any other planning software. But, if you’re not used to filing your taxes, maybe you should refer to an accountant, it’s better to delegate when you don’t have the capabilities to perform some activities.

 

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