You also have to provide a copy of your expenses, and as all transactions are now processed virtually, you’ll need to have scanned copies, downloads, and photos of your receipts. This helps your employer’s financial team keep track of expenses accrued against specific events, clients, projects, and so forth, and helps them keep an accurate accounting and stick to established budgets. Setting Up Your Expense WorkbookĬhances are, if you’re an employee, you have to enter your receipts into a third-party software application, provided by your employer, which requires you to enter information that links your expenses to one or more billing/expense codes. If you’re an employee, you need to track them so you can be reimbursed by your employer, and if you’re self-employed, you need to track expenses in order to take advantage of the many tax deductions they can offer, saving you potentially thousands of dollars on your yearly federal and state income tax.įind out more about what you can and can’t declare as business expenses, according to the IRS, here. Whether you’re an employee or self-employed, you need to keep track of the expenses you incur in the process of doing business. In this article, we are going to look at how to organize Expense Tracking in Microsoft Excel Tracking Expenses with Excel
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