Expenses & approvals
How do I keep track of business expenses and income?
By the Mylo team · Last updated July 1, 2026
Short answer
Run both sides through one system: log income as it comes in and capture every expense with its receipt as it goes out, using consistent categories for each. Reconcile against your bank and card activity regularly so your records match reality and stay audit-ready.
Tracking income and expenses together gives you the full picture: what you earned, what you spent, and what is actually profit. Income is usually easier since it flows through invoices or deposits, while expenses are where things slip, so automating receipt capture keeps that side honest.
Consistent categories on both sides let you produce a clean profit and loss view and hand tidy records to an accountant. Keep itemized receipts for expenses, since the IRS can ask you to substantiate deductions, and check current IRS guidance for what to retain and for how long.
How it works in Mylo
- Record income as it arrives, whether from invoices, deposits, or payouts.
- Capture every expense with its itemized receipt as it happens.
- Categorize both income and expenses consistently.
- Reconcile against your bank and card activity on a regular schedule.
- Keep records organized by period so each closed month or year is clean.
Best practices
- Separate business and personal accounts so both sides are easy to track.
- Reconcile on a set cadence instead of scrambling at year end.
- Mylo handles the expense side automatically, pulling receipts from email, connected store accounts, your camera roll, and card matches via Plaid, categorizing each one and syncing approved expenses to QuickBooks, where you can round out the full income and expense picture.