Income and Expenditure Categories are two distinct aspects of a business’s financial picture. Income is the money that comes in from a variety of sources, such as product sales, investments, and services rendered. Expense Categories refer to the types of expenses incurred by a business so they can continue operations and manage their finances appropriately. These can include payroll, rent, materials or supplies, taxes, and more. In short, Income and Expense Categories form the foundation of any successful business’s financial strategy, allowing them to track income sources and expenditure accurately and effectively.