Money going out.
WHAT COUNTS
Anything the business spent.
WHAT PEOPLE MISS
Transport Data and airtime used for business Small cash purchases Costs paid personally Subscriptions Bank and gateway charges
THAT LAST ONE
Gateway fees and bank charges are real costs, frequently unrecorded.
WHAT TO RECORD
Date, supplier, amount, what it was for, category.
CATEGORIES
Consistent ones. Materials, transport, utilities, professional fees, marketing, and so on.
Ask your accountant what categories suit.
WHY CONSISTENCY MATTERS
Comparing periods requires the same categories.
FOR COSTS PAID PERSONALLY
Record them and reimburse yourself.
Absorbing them understates your costs.
FOR MIXED PERSONAL AND BUSINESS COSTS
Apportion reasonably and note how.
Take advice on what is claimable.
FOR ASSETS
Equipment and substantial purchases are treated differently from ordinary expenses.
Ask your accountant.
WHAT TO KEEP
The document supporting every entry.
