The most important aspect of running a business is profit. We set up a business because we want to earn. Yet running a company means paying for its operating expenses. So as a part of your financial and budgeting plan, it is important for every company to come up with measures to track their expenses. Keeping a daily record of your expenses by tracking receipts, invoices and other outgoing expenses improves the financial health of your budget. One reason why some companies fall into financial debt is that they fail to take adequate measures to take a good look at their financial books and ensure that debts should not be more than the income. So whether you run a small business or a large corporation, expense tracking is an important endeavor that all companies must partake. Read more about this in our article below, and you may want to check out our free expenses tacking samples made available on this page.

10+ Expenses Tracking Sample

1. Expenses Tracking Template

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  • MS Word
  • Google Docs
  • MS Excel
  • Google Sheets
  • Apple Pages
  • Apple Numbers

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2. Construction Expenses Tracking Template

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  • MS Word
  • Google Docs
  • MS Excel
  • Google Sheets
  • Apple Pages
  • Apple Numbers

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3. Commercial Construction Expenses Tracking

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  • MS Word
  • MS Excel
  • Apple Pages
  • Apple Numbers

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4. National Team Expenses Tracking

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  • PDF

Size: 449 KB

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5. Monthly Expenses Tracking

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  • PDF

Size: 166 KB

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6. Weekly Expenses Tracking

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  • PDF

Size: 100 KB

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7. Expenses Tracking Worksheet

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  • PDF

Size: 357 KB

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8. Sample Expenses Tracking

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  • PDF

Size: 67 KB

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9. Medical Expenses Tracking Log

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  • PDF

Size: 49 KB

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10. Finance Expenses Tracking

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  • PDF

Size: 155 KB

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11. Daily Income & Expenses Tracking Worksheet

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  • PDF

Size: 20 KB

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What Is Expenses Tracking?

There are several ways to track your expenses, the simplest would be taking a pen and paper and jotting down your daily expenses. This can be very useful for small businesses or those starting out. Eventually, as your business would start to grow, and you would notice a significant increase in activity then eventually you will need to upgrade your expenses tracking by using templates such as the ones we have available for download above. Or you can choose to use an online tracking system, whichever works best for you. That being said, you become more aware of what you are spending and where you are spending your funds. That can help you identify the areas where you need to make changes and make sure you are financially right on track. Not only does it help you see where your money goes, but it can also reveal to you your spending patterns.

How Do You Track Expenses?

Debt can lead to financial ruin if a company does not pay careful attention to it. As it is important to know what to spend, how to spend it and setting up boundaries. Once you are able to create a systematic approach on tracking your expenses, this will allow you to continuously stick to your budget and actually stop spending once you reach your limits. This is also one way of making sure you are able to balance your finances. To get started here are several tips that can help you effectively track expenses whether you plan to do this personally or for your own company.

I. Separate Your Bank Accounts

When running a business, it is wise to open a separate bank account that is to be used for business matters only. This will help organize your finances, and keep track of the financial activity without compromising your personal savings.

II. Save Your Documents

This would mean keeping of official receipts, invoices, acknowledgment receipts or any other related documents that is needed to reconcile with your expenses. These documents are proof that something has been paid or has yet to be paid. Receipts are also important documents needed during tax season and for bookkeeping purposes.

III. Record Your Expenses

Tracking expenses would simple mean recording these in a ledger or accounting book. Perhaps using a template or an app which you can download. Whatever seems fit for you and your business, this is how you are able to track all the incoming and outgoing expenses. And make sure to record these daily too. This is why you need to keep all those documents mentioned earlier as proof of your expenses. And it will help you effectively reconcile all your expenses.

IV. Know Your Limit

Once you begin jotting down your expenses, you will begin to notice if there are any significant changes between your budget and expenses. If you think that you might be spending more than you think you should, then it is time for your to make some adjustments. It is important to remember that saving and debt payments should take precedence over other things. Set your priorities straight, before you want to spend again.

V. Monitor

Continuously monitor and track your expenses, overtime you will be able to get a full grasp on how the whole system works and eventually you will be able to control your spending. This will also help you create a more effective budgeting plan for the future.

FAQs

What Is an Expense?

An expense is a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. This is the cost of operations that a business incurs to generate revenue.

What Is Bookkeeping?

This is an accounting process of  recording financial transactions in businesses or other organizations.

What Is an Accounting Ledger?

This is a book or record in which an account or business transactions are listed.

Nowadays, it is very important that you are able to carefully manage your finances. By expenses tracking, you will be able to determine your spending pattern and make the right financial choices.

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