Business expenses definition
Simply put, expenses are the cost of doing business. Anything you spend money on to operate your business and generate revenue counts as a business expense. Common business expenses include rent, staff wages, equipment, vehicles, payments to suppliers, and insurance.
The type of business you run impacts the type of expenses you’ll incur. For example, an electrician might have to factor in costs such as tools and vehicles, whereas an accountant might need to pay for computer equipment and office rent. Both businesses could also share common expenses such as insurance, staff wages, and marketing and advertising costs.
