Keep Track and Maximize the Business Mileage Log Template

Category: Others/ Misc

Presentation Description

No description available.


Presentation Transcript

slide 1:

Keep Track and Maximize the Business Mileage Log Template Most small businesses and sole proprietorships find it a challenge to keep accurate records of their regular expenses as well as the expenses of their employees. The easiest way to do this is to make an expense report template that employees can fill out to record any expense that they pay out. It does not matter if you reconcile and file these reports on a weekly or monthly basis or whenever you need to. The most important thing is that every bit of expense is on record. It is not enough to have an expense report template ready though. This can be easily done as there are websites that you can download it from. These downloadable templates will usually have all the details that you need for your report. Tracking business mileage can be a headache for business owners and their employees. If you are not careful to stay on top of trips you make for business then trying to recollect where youve been and the expenses you incur can get out of control. Most people who can claim this deduction either fail to do it accurately or let a huge amount of the write-off slip through the cracks. Below is a list of resources that will help simplify the tracking and recording process. Manual Logs For people who are not inclined to using technology there is always the tried and true method of manual recording. Probably one of the simplest systems for tracking mileage is to keep a mileage logs in the glove compartment of your vehicle. That way you can enter mileage for business trips throughout the day. You could also use a day planner to jot down trips that you make on behalf of your company. Miles can be calculated using online sites such as MapQuest or Google Maps. As a side note one client even recommends this tip for vehicles that are used 100 for business purposes. Use your cell phones camera to take a snapshot of the odometer at the beginning and end of year for each of your companys vehicle. This way if you forget to record mileage along the way you will have proof to substantiate the deduction claimed. Microsoft Office Templates Microsoft Office offers a free solution with templates to help track everything related to automobile deductions including mileage log template gas repairs and maintenance. Simply type in mileage templates in the search window. Users can download templates to use with various versions of Microsoft Excel.

slide 2:

Software Software abounds for mileage log template. Some programs like TrackIt2.1 work with PDA devices and cell phones. Others come as a standard feature in accounting programs. Software has come a long way in aiding businesses with accurate reporting of financial expenses and auto expenses. Programs like QuickBooks Pro for example include feature that lets you see mileage and expenses by vehicle and helps maximizes the auto deduction. Its a very convenient feature that simplifies reporting for company fleets at tax time. Devices There are several devices on the market for people who always forget to write down trips in mileage logs. If you dont mind spending a few hundred dollars for the peace of mind and added tax savings you might like the Professional MiniTracker or Car Check Up. These tools make keeping up with trips and reporting simple by putting mileage tracking on autopilot. Car Checkup even syncs with your computer and makes reporting as easy as connecting and printing. These solutions are not free but depending on mileage log template you rack up each year can be well worth the investment.

authorStream Live Help