Small Business Expenses: How do yours compare to the national average?
Do you feel like your utilities bill keeps climbing every month? Do you wonder if you are overpaying for insurance? Wish there was a way to know if your monthly business expenses are in line with what fellow business owners are spending?
With the new Quarterly Shoeboxed Infographic, you can answer these questions and many more. Read more below:
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Small Business Expenses Infographic – Courtesy of Shoeboxed.
Every day, Shoeboxed processes thousands of business expenses, and as you can imagine, we have unusual insight into how small business owners are really spending their money. Here are some interesting trends we have observed for 2012 so far:
- Small Business insurance costs are up 25% since January 2012
- Utilities expenses for Small Business doubled in the first half of 2012
- 50% of business expense receipts are generated “on the go”
There are few reasons to keep a close eye on your business expenses. Especially in tougher economic times, you want to be careful to keep unnecessary expenses to a minimum. While you obviously can’t and shouldn’t make this your full-time job, reviewing your business expenses once per month or per quarter is certainly a good idea.
Another reason to track your expenses closely (and keep all your receipts) is for those all-important business tax deductions. In case of an IRS audit, receipts are essential to document the business purpose of an expense, so it is important to capture these source documents immediately.
Let us know what you think with your comments below!