A travel blogger is an entrepreneur. Like an entrepreneur, you must have a strategy for your blog. You must know the direction in which you want to take the blog, keep the creativity flowing, and track your expenses to maximize profitability. However, a one-person army like yours can benefit a lot from leveraging technology to automate the last part.
Keeping track of your expenses not only helps you by controlling costs but also becomes extremely important when you file your taxes. So, here are the 3 types of tools that you can use to make your life and tax filing easier.
Storing physical receipts to claim expenses on your tax returns is not just bulky but also risky. It is easy to lose track of the receipts in your hectic schedule. Instead, you can click a picture of the receipts as you receive them from the vendors. You can make a folder in your phone to store these receipts. Alternatively, there are many scanning apps like Clear Scan and Smart Scan that can save your receipts in the form of PDF. There are many free downloadable apps available in the App Store and the Play Store for you to try. You can also use specialized apps like Smart Receipts to help you keep better track of your receipts.
As a travel blogger, travelling is naturally one of your biggest expenses. While it is easy to account for the cost of tickets and other paid transportation, it can get difficult to track the cost of travelling using your own vehicle. In such a case, you can use apps like Everlance and Hurdlr to keep track of your trips. You can get an idea of the mileage, the fuel consumption, and so on using such apps. You can then compile all this information at the end of the trip and add to your accounts.
You can use the good old Excel to document all your expenses, incomes, complementary items, and more. There are many functions in Excel that can help you sort, add, and aggregate your business accounts. Apart from the basic solution, you can also opt for a variety of cloud accounting solutions that are available online today. You can use free products like Wave or paid products like FreshBooks to do the job for you. All you have to do is enter the income and expenses as they occur. So, by the end of the quarter or the financial year, you will have your accounts ready for tax filing. It helps you save a lot of time and last-minute scrambles.
You should make optimum use of all these resources available to you to keep accurate track of your expenses. It will not only help you file your taxes better but also allow you to successfully deduct from your tax bill. Besides, it will help you cut down on the hours you spend on accounting and will enable you to spend more time on what you enjoy doing – travelling without a worry.