This article was published on April 9th, 2020
Every queer business owner needs to keep track of the coins coming and going in and out of your business. Don’t guesstimate how much you’re spending. Secure the bag and establish an efficient system to track your finances. Here are four ways every LGBT business owner can properly track their expenses.
1. Cloud it connect to online accounting software. Moving your accounting system to cloud-Based Technology and connecting your bank accounts to online accounting software helps you keep updated automatically with expenditures. Moving your accounting system or at least your expense tracking process to cloud based technology or an industry specific app to streamline your bookkeeping and financial management providing one area for you to find all of your expenses. This makes communication between you and your accountant easier and helps keep records with ease.
2. Keep Every Receipt and Bill in a Designated Folder. If you keep all your expense records in one designated place, come tax time, you’ll be grateful you don’t have to go rooting through all your paperwork to figure out what was spent and what money came in. Organizing all your receipts by pre-determined category in an accordion type style folder is highly recommended.
3. Use Google Forms and Spreadsheets. Free with a Gmail account, you can create a digital expense tracking template with the categories of expenses defined and make copies for each month. Frequently updating your expense spreadsheet is a habit that will save you time in the long run, especially at tax time. Also, a visual representation of your expenses allows you to keep track of where you are spending so you can assess your expenses versus financial goals.
4. Separate Personal and Business Receipts. When applicable, separate your personal expenses separate from your business expenses by filing them in separate folders altogether. If the specific expense double dips into both business and personal categories, then use a spreadsheet, keeping it up to date throughout the year.
Take Your Business to the Next Level
For more business and accounting advice, HomoCulture’s very own accountant is a fountain of help, knowledge, and information to aid you in your business stability and growth. Debrah Burleigh & Associates is a great firm servicing the LGBT community. Request a consultation today.