How do I track my business expenses and marketing?
With a little organization and planning, you can get as much satisfaction from quoting, invoicing, recording your expenses, analyzing your marketing efforts, and tracking your professional development as you do from editing or proofreading.
Business expenses: don’t wait until tax time!
For some of us, “doing my expenses” means one fun-filled day per year with a calculator, a shoebox of receipts and 365 days’ worth of bank statements. But why settle for only one day a year when you have an overview of what you’ve spent on your business when you could have that insight all the time?
It may seem like a giant pain to get out that calculator and those receipts more often, but as I mentioned in Part 1 of this series, there are tools out there that can do the calculations for you, and you can start with a simple Excel spreadsheet listing:
- each of your expenses;
- the date when it was incurred;
- how much it cost; and
- the receipt format (e.g., printed receipt or credit card statement).
Tracking your expenses throughout the year has other huge advantages. Not only will it tell you whether you can afford all of your planned expenses, it also helps you see what sorts of investments you’ve been prioritising for your business and examine that alongside your project and efficiency data.
Identify the best marketing activities for your freelance editorial business
Where do I start?
My marketing strategies can evolve with my business
Bottom line: Tracking your expenses and marketing activities helps you connect the dots
More articles in this series
Check out Part 2, which addresses the “making money” aspects of business admin: setting and enforcing fair and data-supported rates, quoting with confidence and tracking your income.
Check out Part 3, which addresses recording and analyzing the personal side of your business: tracking your work-life balance and your continuing professional development (CPD) activities.