An expense report is a list of all the expenses your business has incurred over a specific period of time. In some cases, it can also refer to a list of expenses incurred by a specific employee. The Canada Revenue Agency (CRA) allows you to deduct almost all business expenses on your tax return, so it’s important to track expenses closely. And who doesn’t love a tax deduction?
Keeping up With Your Company’s Expense Report
What are the benefits of tracking your business expenses with an app? Apps can help you track expenses, and when you import this information to accounting programs, you can easily create expense reports. In addition to including expenses on your tax return, you also want to track them so you know where revenue is going. With the right strategies, that information can help you increase profit margins, lower spending, and achieve other business goals.
Making your business a success takes hard work and organization. You don’t want to spend any more money than necessary on your tax bill. With QuickBooks Online, you can organize your business finances and stay ready for tax time. Try it free for 30 days.