What Is A Mileage Log And What Is The Importance Of Keeping A Mileage Log?

by DenverBookkeeper

What is a mileage log and what is the importance of keeping a mileage log? It is a simple question and yet it is something that some people neglect t to do. This can be detrimental to your business in a number of different ways. Making sure that you record your business travel is important and in this article we will explore the reasons why.

What Is A Mileage Log And What Is The Importance Of Keeping A Mileage Log?One of the biggest benefits is in financial terms, regardless of whether you have a company car, use your own vehicle for business purposes or are self employed. The reason for this is that you can often reclaim the tax payments on the fuel that you use for business purposes.

There are a number of uses that can be defined as business purposes. This includes traveling to and from meetings with business clients, delivering goods and services to your customers and also doing volunteer work. It is also a good way of gauging how much you are spending on fuel and whether it is necessary.

Another useful aspect of keeping a record like this is that it helps to protect you against accusations of fraud. The best way to do this is to look online for templates to work from or you can use applications on your smart phone. The key details to remember are the date and time when you traveled, the start and finish on your odometer, the purpose of the trip and the amount of miles traveled.

If for any reason you find that you have forgotten to note this there are ways around it. A lot of vehicles now have GPS systems so it is possible to use the route planner to calculate how long a journey takes and the miles involved. However it is strongly advised to get into the habit of regularly making notes in order to keep consistent records.

So what is the importance of keeping a mileage log? In simple terms it is something that can help you save money, help protect you against accusations of fraud and help make your business more efficient. Look online for more advice and demonstration videos to help make sure your log is as accurate as possible.

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