If you are running a business it’s likely you have expenses. There are a number of items you can record as your expenses; office material, postage, website, software, service fees etc. These expenses should be recorded and used as tax deductions. Using AthleteOne you can track business expenses and save money on your quarterly or yearly taxes and gain insight on how your business is performing financially by comparing the income from payments and the expenses.
A well established coach once told me. “I don’t have expenses.”. He has a website and domain, bike, bike repairs, online services for software and I’m sure much more than that. He was wrong about not having business expenses. These items are business expenses and have an impact on his business financial health and tax payment. These items add up to a large amount of deductions that will save money come time to pay the tax bill.
AthleteOne makes it easy to track business expenses. You can enter expenses manually or to connect to your bank and download them automatically. AthleteOne also allows you to attach a receipt to each expense. Your receipts are safe and secure from prying eyes. Only you and your authorized users can access the expenses and attached receipts. We’ll keep your records for as long as your account is active.
Automatic Recording of Service Fees
Tracking your PayPal and Stripe fees is almost impossible. You could be charged hundreds of dollars each year on these fees. These fees are tax deductions which you can report on your tax forms. Wouldn’t it be convenient if these fees could be tracked with all your expenses. AthleteOne does just that. All PayPal and Stripe fees are recorded as expenses and viewed in reports and on the dashboard.
Connecting with your Bank Accounts
To make tracking business expenses even easier AthleteOne allows you to securely connect to your bank account(s) and automatically download expense transactions. You can categorize the transactions to match your tax deduction categories when you do your taxes or share with your tax preparer.
Using your Mobile Device
When using your mobile device you can easily archive your receipts when on the go or when you don’t have an electronic copy. AthleteOne is designed to work on your phone or tablet by opening AthleteOne on your device web browser and navigating to the Expenses section. From the Expenses section you can view or edit expense and attach a photo or image from your device. Likewise, you can create new expenses and attach the photo or image.
Dashboard and Reports
That AthleteOne Dashboard and Reports will provide you with insight on your business financial health. The Dashboard will show you how your income and expenses are month to month to make sure you are on track to be profitable and stable. You can use the Reports to see the list of expenses and export the to a spreadsheet to use for your tax deductions or share with your tax preparer.
Tracking business expenses is a tedious task for any business manager, but using AthleteOne we make it easy to record and view all your expenses in one place saving you time and money.