Tracking Your Business Mileage & Expenses With Everlance
Over 400,000 people use Everlance every day to automatically track their business mileage and expenses, but why do they use Everlance instead of our competitors? And which Everlance product do they use? Everlance Premium or Everlance Teams?
The answer to the first question is simple.
The average Everlance user finds over $6,500 in deductions and our product outperforms all other trackers on the market, including MileIQ & Quickbooks Self-Employed. Hands down we have the best product in this entire segment.
The second answer is a bit more complex, because the Everlance product you choose is based more on your team size and the need to manage a team in one place than it is about features or cost.
Before we dive into the features, or the exact reasons why business owners are choosing Everlance to track their mileage and expenses, let’s take a look at why mileage tracking is so important for both individuals and large businesses.
Tracking Business Mileage
So why do you want to track business mileage in the first place?
We could sum this up really quick and say “For the tax write-offs!”, and it’s true it would be the #1 reason to track your mileage, however, it would make a lot more sense to explain the rules and the benefits of deducting mileage.
The IRS gives every tax filer 2 options when it comes to deducting expenses.
1.) You can take the standard deduction.
2.) You can elect not to take the standard deduction and instead itemize your expenses for bigger savings.
You cannot do both.
For some people it makes more sense to take the standard deduction instead of itemizing, as they may not drive for business very much, or they’re an employee that only travels to-and-from work.
However, the vast majority of people that are self-employed or get reimbursed through an employer absolutely need to track their mileage and expenses as they often go well above the limits of the standard deduction, or have to fill out mileage and expense reports to turn into their employer for reimbursement.
The Standard Mileage Deduction Rate
We’ve already written a ton of information on the IRS Standard Mileage Rate here, but no worries, you don’t have to click over – we’ll explain it right now.
What is the standard mileage rate, exactly?
The IRS allows for each mile driven by the taxpayer for business, charitable, medical or moving purposes to be added as a tax deduction known as the standard mileage rate. The standard mileage rate can be taken in lieu of actual expenses incurred when calculating deductible automobile expenses.
Now that you know what it is, here’s what the IRS will allow you to deduct for each mile in 2018.
2018 Standard Mileage Rate: $0.545/mile
This means that for every 1,000 miles you drive for business the IRS will allow you to deduct $545 if you elect to itemize instead of taking the standard deduction.
Whether this is for 1 person or a team of employees, the rate is the same and the rate can change on a yearly basis. Everlance automatically calculates the current standard mileage rate against any miles recorded so you’re always accurate and compliant.
All of this talk about the standard mileage rate is great for small business owners and individual filers in general, however, for larger businesses it’s a little bit different. They know the employee mileage rate is the same $0.545, what they need is to be able to accurately track expenses (including mileage) for all of their employees.
When you’re dealing with employee’s traveling to offsite locations and you need to keep track of both mileage and expenses, you need a better solution than a log book and receipts and a simple mileage tracker like MileIQ or Quickbooks Self-Employed just isn’t going to cut it for larger companies.
For businesses it’s incredibly important to maintain accurate, IRS-compliant records, and ideally without a huge headache and time commitment.
Ask yourself this.
- How many hours are wasted every month by your staff gathering receipts and log books?
- How efficient is your reimbursement process?
- Do you like your current expense tracking & reporting system?
Chances are if you’re not using Everlance, you’re not that happy with your current expense tracking & reporting process.
Not every one of our customers has this need, and that’s why we have Everlance Premium which is perfect for 1 person, but many larger businesses need much more and the bigger they are the more likely they are to need a robust platform that allows them to track their employees mileage & expenses.
This is why we created Everlance Teams.
No matter how small or large your company is, Everlance Teams has a low cost solution for you. The cost per employee is a flat $25/mo and you have access to all of our premium tracking features including the dashboard where you can view & manage employees and pull reports.
We also make it super easy to pay by giving you one bill.
Expense Tracking For Individuals & Businesses
We covered mileage, and that’s great, but what sets Everlance apart from our competitors is the fact that we have an amazing expense reporting platform.
Whether you’re using Everlance Premium as a single person, or Everlance Teams, expense reporting is an absolute breeze. We understood early on that our users wanted to be able to track all of their expenses, not just their mileage.
When it comes to filing taxes at the end of the year your mileage is just one piece of the puzzle. The other expenses such as parking fees, tolls, hotels, food, entertainment – you need those too!
With Everlance we allow all of users to do this in 2 easy ways.
1.) You can add your expenses manually as they happen.
2.) You can link your bank account or credit card and we’ll add them for you.
Most users elect to do both and no other competitor offers this feature for Teams accounts.
For businesses with a lot of employees there’s another added hassle with expense tracking and that’s receipts!
Everlance has a great solution for this. We allow all of users to store receipts securely on the cloud forever. All they have to do is take a picture.
So whether you’re a single person or in charge of accounting for a Fortune 500 company, you won’t have to go tracking down receipts or storing them in a shoe box. All of that information is right there in your dashboard available to export at any time.
Types Of Individuals Best Suited For Everlance Premium
- Real Estate Agents
- Field Sales Reps
- Delivery Drivers
- Uber/Lyft Drivers
- Basically anyone that drives for business!
Types Of Businesses Best Suited For Everlance Teams
- Fleet Vehicles
- City, State & Government Employees
- Waste Management & Water Treatment
- Outside Sales Teams
By no means is this list of industries definitive, in fact we simply couldn’t name them all if we tried! Chances are if your employees drive offsite, you could use Everlance and be more productive for a much lower cost than your current system.
The best part about Everlance is whether you need it for 2 people or 2,000, Everlance easily scales with your business.
Ready to give Everlance a try for your business?
If you’re a single user you can download Everlance and get access to Everlance Premium free for 7 days. That’s more than enough time to give our powerful features a run and see how you like them. If you choose to upgrade to Everlance Premium it’s just $5/mo.
If you’re managing more than 1 employee we have the Everlance Teams product that will allow you to do everything Everlance Premium does with the added benefit of account management and group billing. The cost per license is $25/mo and all new accounts are given 30 days to test and validate the product for fit.
Hope to see you inside, and as always, if you have any questions please contact our wonderful support at email@example.com!