Keeping your books in order for tax season can be a challenge. Here's a few ways to manage your expenses automatically!
1. Using Automating Recurring Expenses
Recurring expenses are expenses you incur on a month-to-month, year-to-year or other recurring basis for your business, such as your monthly Táve or photo proofing account subscription. In your Recurring Expenses Settings, you can quickly add a new recurring expense by giving it a payee, memo, amount, timeframe (monthly, yearly, every 3 months, etc.) and the next date this expense should be logged. Once you’ve set up the recurring expense, you’ll be notified each time Táve logs it in your account for you by email on the morning it's done.
2. Using Accounts Payable in a Product
By adding a set cost to your products, you can have expenses scheduled to post when they're due. This is a great way to log expenses associated with different products and services that you sell. In the product's Pricing Editor, you'll set the estimated cost you incur when this product or service is booked.
In the Accounts Payable box on the product's overview, you can then specify an expense payee, category, and due date on the product editor.
When a quote or order is booked, all expenses associated with the products purchased will be scheduled for you. You can see these scheduled expenses in a few places:
- The job’s Financials
- Your account Dashboard, when the expense is due, as long as a due date has been assigned
- On the address book profile for the payee, as long as a payee has been assigned
If you want to keep track of your expenses throughout the year, you can always see where you are by heading to the Expense Report. This report shows you all of your business expenses, sorted either by category or month that have been posted. You can also filter this report by brand, payee, timeframe and expense category.
If you're looking to see your scheduled expenses, you can head to the Accounts Payable report from your reports page.
Manually Logging Expenses
If you have expenses that don't fit into either of the two automatic categories, you can log job expenses in 2 ways in Táve: from the dashboard and from within the Financials of any lead or job. All expenses logged in either way will also appear on your General Ledger and your Expense Report.
When logging an expense right from the dashboard, you’ll set the payee, add the expense description, date, amount and expense category, followed by choosing the lead or job, if any, that you want it to be associated with from the drop down.
On the Financials section of a lead or job, you will see all of the expenses you’ve incurred, and future scheduled expenses, related to the job. From this screen, you can also log a new expense, similar to the example shown above by selecting the Record Expense button.
Attaching a Receipt to an Expense
If you have a receipt associated with this expense that you'd like to upload, you can use the Upload Receipt option there to upload an existing receipt image or snap a photo of your receipt on your mobile device.
Using Third-Party Software to Manage Expenses
In the event you'd like to use a third party software like Quickbooks, Xero, Wave, Freshbooks, or something else. You can always export out a CSV from your general ledger by clicking 'download' and import that into the software of your choosing.