I started a business and I'm currently keeping track of my expenses through an Excel spreadsheet. I am making sure to keep all of the receipts for business related expenses as well. I have not turned a profit yet, and was wondering if this method of bookkeeping is enough?
Hello Patriot Candle Co!
Thank you for your question. You are on the right track by keeping a good record of your expenses using an Excel spreadsheet and keeping all of your receipts as well. You will find it very helpful by being organized with all your documents when it is time to file your tax return.
Another method you can use to keep track of your expenses is by using an accounting software such as QuickBooks. You can connect QuickBooks to your bank accounts, credit cards, PayPal, Square, etc. You can also take pictures of your receipts and save them on your mobile app. QuickBooks also automatically sorts expenses into various categories and keeps them organized in one place.
Please refer the below link for reference regarding QuickBooks:
https://quickbooks.intuit.com/accounting/track-expenses/
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88