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When I help small businesses set up bookkeeping systems, there is one thing I always have to do, regardless of the type of business being established. Bookkeeping software comes pre-populated with common expense categories, but there’s one category that’s always missing. Education. It’s the first thing I add.
Education, as a business owner, is an investment in yourself. Ensuring you know how to use the latest software, are familiar with the current law, or are on top of the newest techniques is an investment in the future of your business.
This investment, however, costs money. As a small business owner conscious of every penny, it’s can be hard to spend money on things that don’t seem essential to the day-to-day running of your business. It’s easy to get caught up in what needs to get done today and forget about investing in what will come later.
If you are self-employed, you may be able to deduct work-related education costs so keep track of the amount of money you spend. This includes the cost of tuition, supplies, and certain transportation and travel expenses.
Investing in yourself by furthering your education in your field is one of the best ways a small business owner can spend his or her money.