How to Keep Track of Your Work Expenses

Tax time is coming…and if you are a road warrior, it is tough keeping track of your work expenses, your home expenses and where those two areas collide in your wallet. Instead of throwing all of your receipts in a pile and hoping your accounting team – or your family – doesn’t notice, we have a tip to keep your expenses in order even if your wallet isn’t.

The easiest answer is to use your company issued credit card or expense account. Most companies require you to note receipts and bring them back to reconcile your cards, so make sure you take copies of everything home with you. If your company doesn't give you a “company card”, apply for a credit card that has a low international transaction fee (if you frequently travel overseas), and has no annual fee. Charge anything business related to this card only. Chances are you'll be able to reap the rewards from using it and you'll keep all your expenses in one place.

Carry an envelope with you in your briefcase or with your laptop. When you get to your hotel, if you are a creature of habit like most of us at CLOSE, you tend to toss you room key, wallet, receipts and change in one pile when you enter the room. When you check in, put the envelope right where you are going to toss items, and take a second to stick any piece of paper into that envelope. Chances are, it will be easier to sort those scraps of paper when you get home, instead of trying to recreate a receipt!