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Co-Founder Firas Abuzaid on Tackling Expenses

As a startup, there are countless lessons we’ve learned‌. In a sea of missteps and failures, the Neo.Tax team has grown. Making it even more exciting when we can pass some of what we’ve learned to those who might need a few tips and tricks.

As many stories now begin, this month our Startup Tip started with a text.

A friend and fellow founder reached out to Neo.Tax co-founder, Firas Abuzaid, wanting a little advice on how to handle company expenses come tax time.

The Question:

How should our company handle the accounting for expenses like meals and gas that we charge to a company card?

The Tip:

To future-proof your company for tax time, make all your company purchases using a company card that allows for integration with your tax and accounting software.

You can sync your expenses yourself or outsource your bookkeeping. Though hiring a bookkeeper or a fractional CRO shop like AbstractOps or OpStart comes at a cost. More than likely you won’t need to outsource until you’ve raised a seed round or have more capital.

The Recap:

  • Sign up for a company card
  • Sign up for an accounting/bookkeeping software, like Xero or QuickBooks.
  • Sync your company card with your accounting software.
  • Use the card as much as possible for all company expenses.
  • Use quick classifications like “Meals & Entertainment” for company dinners.

Share this tip with someone who might need it, or keep it for yourself. Do you have a tip for Startups? Continue the conversation in the comments.

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