What expense category does Miro fall under?

Understanding where Miro fits into your expense categories can simplify your financial tracking. Let's break down how to classify Miro expenses correctly to keep your records accurate and organized.

Classifying Miro expenses

Classifying Miro expenses properly helps maintain clear financial records. Miro is a digital workspace for visual collaboration, and it usually falls under these expense categories:

• Software: When classifying Miro expenses, consider categorizing it as a software subscription or as a SaaS (Software as a Service) expense for accurate financial reporting.
• Collaboration tool: Miro falls under the category of visual collaboration software. Furthermore, Miro can also be considered productivity software.

Examples of Miro expenses

Here are some scenarios where you might incur Miro expenses:

• Team collaboration: Paying for Miro to facilitate team brainstorming and project planning.
• Product development: Subscribing to Miro for designing product roadmaps and workflows.
• Remote workshops: Using Miro for virtual training sessions and workshops with interactive whiteboards.

For example, if your company subscribes to Miro's Business Plan at $16 per user per month, this recurring cost should be recorded under your software expenses.

Tax implications of Miro expenses

When handling taxes, keep these points in mind regarding your Miro expenses:

• Business deduction: Miro subscriptions are operating expenses and may be tax-deductible.
• Capital expenses: If you pay upfront for a multi-year Miro subscription, this cost may be considered a capital expense that needs to be amortized over the asset's useful life for tax purposes.

Recording Miro expenses under the correct category simplifies tax filing and ensures compliance. Save invoices and proof of payment for accurate reporting and audits. It's also a good idea to consult with an accountant to make sure you're managing these expenses correctly for tax purposes.

Let Ramp automate your expense process

Managing expenses doesn't have to be a hassle. Ramp can automate the categorization, tracking, and management of your Miro expenses. With Ramp, you'll save time, reduce errors, and get real-time insights into your spending, making it easier to keep your finances on track.