4 tips for staying on top of your business expenses

Business expense management might seem to be low down on the list of priorities for your company, but it shouldn’t be. That’s because careful expense management will deliver a measurable impact on the bottom line. Here are four tips for getting you started on the road to cost-effectiveness

  1. Be disciplined. Record all expenses, and record them carefully. Failure to do so will mean there’s an unnecessary drain on your organisation’s finances – and it’s one you won’t be able to see, because you’re not recording it. Left unchecked over months and even years, you could find you’ve frittered money away simply by taking your eye off the ball – or not even watching it in the first place.
  1. Be modern. We’d like to bet that your organisation renews assets when they come to the end of their working life, or are superseded by better ways of doing things. Vans, office furniture, mobile phones; all are regularly replaced and updated. And if that’s the case, why are you still recording expenses with spreadsheets and paper forms? They went out with the Ark. The way to manage expenses in the 21st century is with online expense management software. Easy and intuitive to use, always accurate (so long as there’s diligence from the people using it), and not prone to error like old-fashioned systems.
  1. Be flexible. Without any long-term contract online, the best expense management software for business is like a chameleon, changing to suit your circumstances as often as you need it to do. The features we offer (and there are lots of them) allow you to tailor our expense management solution into your expense management solution. That’s because we recognise that a firm with only five employees will need a different expense management regime from a company employing 5,000. That said, our solution will work equally well for both. Because our solution is online, that allows you to manage expenses at any time of the day or night, so long as you have the app on your smartphone, and access to a WiFi signal. The result is that flexibility to manage expenses in those tiny chinks in your timetable that can’t usefully be filled with anything else, resulting in a streamlined and accurate process that benefits claimant and business alike. We have also built in the ability to link credit cards to our software, so there is no need to mix personal and company money, if you don’t want that to happen. Oh, and did we mention that our software works in whatever currency you want it to work in, skipping easily from one to another, and converting them on the way?
  1. Be frugal. Solo Expenses charges on a per employee per month basis, so you’ll never pay more than you absolutely have to. What’s more, when you become a registered user (and there is no credit card involved in registering) we’ll give you some of our features free. They’ll stay free for as long as you’re a registered user, with no strings attached. Other features can be turned on or off on the click of a mouse, and you’ll pay for them only when you’re using them. Check out our dashboard here.

Picture: Syda Productions | Dreamstime