Gas and electricity expenses can be quite different from one month to the next which is why keeping track of them is important. To better forecast your utility expense, you may want to create a budget.
Rent is an additional cost that you need to track. In your lease agreement, you will contain information about how much rent is due each month. Be aware of rent due dates to keep informed about the obligations you have to meet. If you track your rent as well as utility costs, you’ll be able to help manage your finances better and improve the efficiency of your accounting categories for small-scale businesses. You can stay within the budget you have set and avoid unexpected costs.
9. Supplies for Office
It is essential to add office equipment in your financial categories if you are starting a new business. You must account for office supplies since they’re an essential part of any business. It is possible to track pens, clippers, paper and staplers along with envelopes.
You can track your office supplies expenses in several different ways. However, one of the best is to make an office supply account inside your accounting program. This will help you see the exact amount you’re paying for office supplies as well as allow you to plan your budget for the expense.
These are some of the major accounting categories used by small business startups. Talk to an accountant to learn which accounting categories are applicable to your company. They will help you in understanding which categories are applicable to your company and the impact on it.