Expense Tracking for your Business
Friday, April 17, 2009 at 09:56AM 
Yes the dreaded word of expense tracking.. I have seen far to many people venture into businesses, whether online or offline, and never once paid a bit of attention to the expense tracking of their businesses until the 'Dreaded tax' day. Just keeping receipts in that little shoe box and writing down a few expenses here or there just does not cut it.
As your business grows you will be responsible for monthly, quarterly, and yearly income and expense reports. Do you know how to do this? I don't. You will need to begin to pay close attention to paying social security premiums which need to be paid on a monthly or quarterly basis?
What about your commissions coming in, bonuses, mileage, training expenses,home office deductions. These are all things that you need to be thinking about and these are tax benefits that you should be taking advantage of.
If you are not keeping track of all these things now you are in for a nightmare next April 15th.
Believe me I know what a nightmare this can be and then when you get it all put together, you think, and you go to your accountant, you are still in for some surprises. My account for instance, just hates the home office deduction. The reason for this is do you or do you not use this for other things? Is it solely used for business?
The hair pulling begins...
In the past we have been using quicken and this has be okay, but it doesn't give the percentages of the 
deductions and it is a little confusing to follow for me. So I came across the MLM Tax Helper. This is a program made for the business by people who know the business and have been in the same situation as all of us at one time or another.
With the MLM Tax Helper, you will have all the documentation needed and formatted out in a neat and orderly fashion that will allow a little peace of mind. Not to mention the elimination of the 'ole shoebox' and the hundreds of miscellaneous receipts floating around.
Here are just a few features that will help you maximize your tax savings:
- it is set up for a home based business
- calculates home office deductions
- calculates your mileage deductions
- has a section for tracking retail sales
- creates the 'paper trail'
- prints out monthly, quarterly, and yearly income and expense reports plus the year end report at the push of a button
The MLM Tax Helper software will eliminate those last minute worries and sleepless nights. This program has been tested and retested and as for me a true time saver and stress reliever.
Just knowing where my business is going or isn't going provides such a clear vision of what I need to prepare for.
Tax season does not have to be the 'hair pulling stressful' time that so many of us put on ourselves. It has been wonderful being 'Proactive' for once instead of 'reactive.'
Disclosure: Angela is a commissionable affiliate.