Expenses & approvals
How do I track expenses for a small business?
By the Mylo team · Last updated July 1, 2026
Short answer
Capture every business expense in one place, categorize it consistently, and keep the itemized receipt so each cost is documented. Separate business from personal spending, review regularly, and keep your records audit-ready in case you need to substantiate a deduction.
The foundation of small business expense tracking is capturing everything, since a missed receipt is a missed deduction and a gap in your books. A dedicated business account or card makes this far easier because it keeps business spending separate from personal from the start.
Beyond capture, consistent categories turn a pile of transactions into something you can report on and hand to an accountant. Keep itemized receipts, not just totals, because the IRS can ask you to substantiate what you spent. Check current IRS guidance for exactly what to keep and how long.
How it works in Mylo
- Capture every business receipt as it happens, in one place.
- Use a separate business account or card to keep spending distinct.
- Assign each expense a consistent category that matches your books.
- Keep the itemized receipt, not just the transaction total.
- Review regularly so nothing is missed at tax time.
Best practices
- Keep business and personal spending strictly separate.
- Reconcile receipts against your bank or card transactions so nothing slips through.
- Mylo captures everything in one place from email, connected store accounts, your camera roll, and card matches via Plaid, categorizes each expense, keeps the itemized copy so you are audit-ready, and can sync approved expenses to QuickBooks. It is free for individuals, with teams at $9/user/mo and a 30-day trial.