The best way to reduce your tax burden is to properly account for your business expenses. When you use the RoamHR app to track your expenses, we automatically deduct them from your income, and we will then adjust your recommended withholdings. Easy!
We know that staying on top of tracking expenses can be tough, so we’ve done a few things to help you get them entered quickly on the Expense tab of the mobile app. (Click HERE to read about managing your expenses and claiming deductions.)
Manual Expense Entry
It’s easy to add in your own manual expenses by clicking on the Pencil Icon. If you’ve purchased something with cash, or you just want to enter an expense without a bank record, you can use this quick method.
On the Quick Entry screen, just enter a category, a date and an amount. You can choose from other optional selections, such as Client, or whether the amount recurs monthly (from the expense date to the end of the year). You can even add an optional description.
Once you enter the fields, click on Add Expense, and the entry is added right to your expense graph!
Bank Account Expense Entry
Once you’ve connected your checking account to the RoamHR platform, you can easily select from any of your last 30 days of bank expenditures, and quickly categorize the expenditures of your choosing as an expense.
You can access your bank transactions by clicking on the Cloud Download icon. Just as in the manual entry, you can then categorize and enter optional fields.
Mileage Expense Entry
Mileage Tracking is a unique feature that RoamHR offers. This can really help you account for a major expense! The platform enables you to categorize trips of your choosing as a business expense and receive the appropriate deduction. The platform uses your phone’s onboard geolocation features to track your driving. The system stores only the beginning and the end of your trips, and uses the “At Rest” and “Walking” features to end the trip.
To turn on mileage tracking, you just need to turn on the feature. Unless you turn the feature off, the tracking works even while the RoamHR application is inactive. It collects and stores the tracking information as trips, which you can then categorize as “personal” or “business related.”
When you categorize a trip as a business expense, the mileage of the trip is calculated and added to your expense chart.
Pre-setting Your Trip (Business or Personal)
If you travel frequently for business, RoamHR makes it simpler for you by letting you pre-categorize a trip before you leave. This way, you don’t have to sort through trips later.
RoamHR works hard to make taxes easier, so you can focus on the much more interesting aspects of life!