Seamlessly track your self-employed business expenses

Small business expense tracking shouldn't drain your energy when you're already running every aspect of your solo business. Whether you're a freelance consultant managing client projects or a solopreneur building your own agency, handling all your finances solo can quickly become overwhelming without the right system.

As a self-employed professional, you wear every hat, from delivering client work to managing your books. The DIY nature of running a solo business means expense tracking often gets pushed aside until tax season, when missed deductions can cost you thousands.

Expensify transforms how solopreneurs handle their finances. The all-in-one platform streamlines expense tracking, invoicing, and mileage logging so you can stay tax-compliant while focusing on what matters most: growing your business.

From automatic receipt scanning to realtime expense categorization, Expensify keeps your finger on the pulse of your business expenses without the administrative headache.

Features you’ll love when tracking self-employed business expenses with Expensify

Think of Expensify as the ultimate self-employed expense tracker. It helps you simplify the financial logistics of being self-employed, allowing for easy capture of receipts and automation of expense reporting, streamlining the process of tracking business expenditures and saving the one thing you can’t get back: time.

Here are some highlights:

Why self-employed professionals trust Expensify

Self-employed professionals choose Expensify because it's built for the realities of solo business ownership. While other expense tools force you into rigid workflows designed for large companies, Expensify adapts to how solopreneurs actually work – capturing expenses on the go and keeping everything organized without the complexity.

Expensify is the fastest, easiest, and smartest way to handle your business finances. SmartScan technology delivers unmatched accuracy in receipt capture, while seamless integrations with QuickBooks, NetSuite, Xero, and Sage Intacct eliminate double data entry. 

When every minute counts as a solopreneur, Expensify's intelligent automation gives you back hours each week while ensuring you never miss a deduction.

Expense tracking tips for solopreneurs

Tracking self-employed business expenses like receipts and invoices and keeping tabs on travel costs are vital to maintaining a healthy cash flow and ensuring tax compliance. 

Here’s a quick breakdown of how to track your self-employed business expenses: 

• Keep all receipts: keep all your receipts for business-related expenses, including meals, transportation, accommodation, and other necessary expenses. 

• Use expense management software: utilize spend management or expense software for small businesses to track your expenses on the go.

• Maintain a log: keep a detailed log of all your business expenses, including the date, amount, purpose, and category of each expense, especially for tax purposes. 

• Separate personal and business expenses: keep personal and business expenses separate to make sure you accurately track only your business-related expenses and stay within IRS guidelines.

• Understand IRS guidelines: familiarize yourself with IRS regulations for deducting business expenses, including any limitations or exclusions that may apply to certain expenses.

• Seek professional advice: consider seeking advice from a tax professional, especially if you have any questions or concerns about tracking and deducting your business expenses so you stay compliant with IRS regulations.

Tax deductible expenses for self-employed individuals

Self-employed professionals incur a variety of costs as they establish, run, and expand their business. These expenses can add up to significant tax deductions when properly tracked and documented. 

Common business expenses include:

• Home office expenditures: utilities, rent or mortgage interest for your dedicated workspace

• Office supplies and equipment: computers, furniture, stationery, and other essential tools

• Software subscriptions: project management platforms, design tools, accounting software, and other digital services

• Marketing and advertising costs: website development, social media ads, business cards, and promotional materials

• Business-related travel and meals: client meetings, conferences, and networking events (subject to IRS deductibility rules)

• Professional services: legal fees, accounting services, business consulting, and other expert assistance

The key is maintaining accurate records throughout the year rather than scrambling to reconstruct expenses during tax season. Expensify automatically captures and categorizes these expenses, ensuring you never miss a legitimate deduction.

FAQs

Manage your self-employed expenses with Expensify

Ready to transform how you handle business finances? Click on the button below to start automating your small business expense tracking, invoicing, and mileage logging with Expensify's all-in-one platform.