Tracking expenses is the first step in effective expense management. Entrepreneurs can use various methods for tracking:
Manual Tracking: This involves keeping physical or digital receipts and recording expenses in a ledger or spreadsheet. Expense Management Software: Tools like QuickBooks, Expensify, and FreshBooks can automate and streamline the tracking process. Mobile Apps: Mobile-friendly applications provide on-the-go expense tracking and can be synced with other financial tools.