How I Keep Track of My Business Income and Expenses

As a small business owner for several years now, I've discovered over time how critical it is that I keep careful track of my finances. Whether they're incoming or outgoing, each and every payment needs to be accounted for. Doing so is especially important when tax season rolls around. After all, you don't want to miss inputting any important numbers that can have an impact on whether you receive a refund from the government. That's why every finance counts.

So, as a one-man show, how do I make sure everything is tracked accordingly? It's simple. I use an iOS app called Pocket Expense Pro, and it costs just $4.99. It's also available on Android. There is a free version you can download, but going pro means seeing no advertisements whatsoever. And considering how much the app has helped me in recent years, the price of admission is more than worth it.

Pocket Expense is advertised as a personal finance tracker, but there's no reason why it cannot be applied to small businesses. The app allows you to manage your finances in a variety of ways:

  • Track income and expenses in multiple accounts
  • Manage recurring and non-recurring budgets
  • Include photos related to payments for easy reference
  • Support for tracking and payment of bills
  • Password protect sensitive information

As you can tell, Pocket Expense does a lot. Actually, it does far more than I will ever need. I simply use the app on my iPhone to track income and expenses. Any time I am paid by an individual or business, I log it in the app right away.

The same goes for anything I purchase that applies to my work. For example, if I buy myself a new camera, it gets recorded in Pocket Expense — along with any other relevant information, including the price, date of purchase and the merchant I bought it from. It couldn't be easier!

One feature I especially enjoy is support for recurring payments. This is quite useful for those monthly bills, such as web hosting and any other services that I pay for every month. Pocket Expense takes care of the work for me, which is something I definitely appreciate. Isn't automation bliss?

Probably the best feature of all, and this is perfect for users like myself who own too many gadgets, is the ability to sync Pocket Expense across multiple devices. This means that if I update my finances on my iPhone, those changes will instantly reflect on my iPad Pro — and vice versa. This also goes for Android devices.

Simply put, Pocket Expense is great. I honestly cannot imagine managing my business without it. It makes my daily routine that much easier. Download it for free, give it a try, and let me know what you think.

Download here: iOS | Android