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Do you know what you spent on expenses last month? How about for last year? No matter how you do it, tracking expenses is a tedious necessity. Whether it's for your practice, or for your own Schedule C, or for your clients, knowing what was spent, what it was spent on, and why it was spent are critical. Those dollars you don't track can add up to big bucks if they fall through the cracks.
Even if you or your clients have an expense account reporting template, or just track things with Excel, unless you have a dedicated expense application, it's easy to lose track and lose reimbursements or deductions. Making it worse is the lack of anything resembling a "standard" expense reporting format. The best you can do is keep your own extensive records and reformat them if necessary to get reimbursement.
Sometimes, an Excel spreadsheet is a practical and cost-effective way to go. If all you have are a small numbers of expenses to record and the occasional mileage to track, there are numerous free Excel templates available both in Excel's own template library and online.
But when expense tracking and reporting...