An old-fashioned approach of keeping track of records, for example mileage log for the purposes of mileage reimbursement is not something that should be criticized, since it has its advantages and it may seem justified in some cases. Yet, you should be aware of other, more efficient and time-saving options, like a mileage app. Should you still do the excel mileage log?
What Should a Mileage Log Book Include?
Completing a mileage log book is not an easy job for small business owners or those who are self-employed, to comply with the IRS requirements. It’s highly recommended to download IRS excel mileage log template, which will help you keep the data organized and under control.
You should definitely include the purpose of your trip, to make sure it was business related. Remember, that the journey to and from work is not on the list of business expenses. It’s quite the opposite with trips to your client, in the service of a client or even to a lunch with a client.
Next, include the departure and arrival points of all your trips. IRS requires the odometer readings at the beginning and at the end of the year. Company mileage stated must not coincide with the odometer readings.
The accountants will appreciate the potential deduction amounts. The 2022 standard mileage rate is 58.5 and 62.5 cents per mile. However, the excel mileage log template may not be of help with that, while mileage mile software does it automatically.
Excel mileage log: Is it still a good idea?
Keeping traditional methods of records is more like a habit, which should definitely be changed if you want to save time and make sure all information is safely registered. Those who need a printable mileage log to run a neat and organized office, and back it up in case of any emergencies, should try two options for the beginning, to see the difference in quality of vehicle mileage log when a mileage tracker app is used.
Have you ever tried completing an excel spreadsheet on your phone? If yes, you most probably gave up in the middle of the process to finish it later on at home, putting your mileage log at risk.
Excel vs mileage tracker app
Keeping records for mileage reimbursement is much more effective when a mileage tracker app is used instead of Excel.
Excel will not provide you with any auto-tracking methods, and you will have to find and correct any conflicts in the mileage log. The mileage tracker app is also able to get lost details of past trips back.
MileageWise to save your time
Are you still hesitating? Try MileageWise for free for 14 days, and check if you still prefer a traditional excel mileage log, or an app which is like accounting software, calculating the expected tax return, your expense report and many more.
