Why Small Businesses Should Invest in Expense-Tracking Software

Why Small Businesses Should Invest in Expense-Tracking Software

 

As a small business owner, you probably spend a lot of time tracking just how much money comes in to – and goes out of – your company. Regardless of how many employees work for you, it’s important to accurately track your expenses. No matter your size, you’re probably spending more money than you realize. 

 

And tracking those expenses can be tedious – not to mention frustrating – when you have to do them by hand. Investing in expense tracking software might seem like an unnecessary expense in itself, but when you really look into all the things it can help you do, you’ll see just how much peace of mind it can bring you. 

 

Most expense-tracking software come with handy apps.

Why is this a big deal? Because it means you never have to worry about losing a receipt again. How often are you without your smartphone? Not often, right? And if you had your expense-tracking app on there, you could easily take a picture of your receipt and automatically upload the information to your expense report the second you get it. 

 

From coffee and dinner to travel expenses and new equipment, never worry about misplacing those valuable receipts again. 

 

Having accurate tracking will give you greater insights.

Even if you try to be as meticulous as possible with your expense tracking, human error can occur. But with expense-tracking software (and those handy apps), you can get better insights into the number of purchases being made for your company, the kinds of purchases being made and the employees who are making the most purchases. 

 

This could help you find avenues for saving money through loyalty programs and bulk purchases, or by providing clearer employee guidelines regarding expenses. 

 

It’ll be much faster than paper-based methods.

Having all of your employees’ expense reports sent to you automatically for approval and processing can save you time and frustration. Quickly see which purchases are expensable and which aren’t, and approve or deny it with just a click. Plus, since a lot of expense tracking software can integrate with your payroll systems, approved expenses can immediately be added to your employees’ next paycheck. 

 

Wouldn’t it be nice to have it all happen automatically, instead of having to do it manually? Even if you only have one employee, it makes things a lot easier. 

 

And did we mention it’s a lot more accurate?

Because it is. With the ability to take pictures of receipts, you can ensure no one is padding their expense report (which they wouldn’t do anyway, but still). And several expense trackers offer mileage counters that can accurately and automatically track the miles your employees are driving to visit clients, vendors and the like. That way you can easily reimburse them and get a better sense of how much traveling they’re doing for your company. 

 

Expense-tracking software can give you great insights into aspects of your business that might not be obvious, and provide a way to streamline your expense tracking processes for future business success.

Adam Hansen