Why Small Business Purchases Should Not Be Ignored

A purchase does not become unimportant simply because the amount is small.

Parking, postage, tolls, supplies, service fees, printing, and small online purchases can add up to a significant amount over time.

For example, five unrecorded purchases of $12 each month become $720 over a year.

Small purchases are often missed because they are paid with cash, a personal card, or a mobile paymentservice. Receipts may also be discarded because the amount seems minor.

Create the same routine for small purchases that you use for large ones. Save the receipt, record theamount, and add a short note describing the business purpose.

Avoid waiting until the end of the month to remember numerous small transactions. Record them while thedetails are still clear.

Tracking small purchases gives you a more complete understanding of where the business money goes. Itcan also reveal repeated spending that may be larger than expected.

Accurate records are built from both large and small transactions.