You should obtain a separate card for business expenses so that you won’t need to keep sorting receipts. Your business expenses will be organized in one place, making it easy to claim tax deductions. Having a separate account for your business will make it easy to handle your finances. You’ll need to open a business checking account, a business savings account and a merchant services account (for accepting card transactions from customers). The first step to keep track of business expenses is to create a business financial account exclusive to your business transactions.

Follow the steps below to properly track your business expenses. Tracking business expenses involves taking a few steps, ranging from opening a separate account for your business transactions to integrating your accounting software with financial institutions and then regularly filing your receipts and reviewing the records from time to time.