Keeping track of expenses.

4 Replies

So we have set up our LLC and decided on a bank. I want to keep things as simple as I possibly can for tax time. My partner and I have invested from personal accounts on our marketing and supplies already. I currently have a Discover as well as a secured Visa that are paid in full every month. I was thinking of either getting a 3rd card for REI expenses or opening a 2nd checking account with my personal CU. I would prefer to be able to pay for everything out of a different account so I can deduct meals, office supplies, etc.

Is there a good CC with an app that maybe allows me to take photos of receipts? What would you guys suggest?

We have a seperate checking for all our business expenses. If we use a personal card for anything, we reimburse ourselves from the company.  We use Lowes LAR account for most of our materials.  Theres an extra tracking mechanism build in there, where all reciepts show up online. Including signatures by the person who didnt turn the reciept in to the office :-)

Our main tracking comes from quickbooks where every reciept is recorded, every check, every hud, every loan, basically every piece of financial data. It is tracked by catagory and class (ie which property). Thus with the click of a button dozens of different reports can be run to analyze and track the details of your business.

@Dell Schlabach   I have thought about quickbooks. But at this point it may be a bit overkill for what I need. I'm tracking a few meals a month and cost for our DM campaign. But it may be worth getting used to it now. Is it an annual fee or more of a one time charge?

I just started using quickbooks. so far I hate it.  I am sure it will get better.  I'd suggest at least something like quicken.  It is easy to use and cheap.

@Shawn Thom   My dad runs a security company and uses Quickbooks. I have heard quite a few "choice" words shared over it.

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