How small traders lose out in the great cash giveaway
New research has revealed that Britain’s micro-businesses between them fail to claim back legitimate expenses worth a whopping £238m every year. Could it be you? And if it is, how do you put a stop to it quickly and easily by becoming better at money management? Solo Expenses has the answer…
It’s like opening your wallet and saying: “Help yourself.” Britain’s micro-businesses are so poor at money management that each and every one of them fails to claim an average of more the £200 in legitimate expenses every year.
According to research it’s the tiny sums that slip through the net; sums of less than £10 that seem insignificant at the time, but add up as the months and years tick by. Because the sums are so small in themselves it can seem petty to note them and claim them back in the proper manner. And such, they’re quickly forgotten, and as a result there is no record of how much has slipped through your fingers. And that’s plain wrong.
What makes it worse is that there are tax implications, and you could find your tax bill higher than it needs to be because you’ve been a poor expense manager.
So now, as the owner of a small or micro-business, it’s time to have a meeting with yourself. It’s time to decide that the beginning of a new tax year is when your part in this great cash giveaway (because that’s what it is, a giveaway) is going to stop.
What you need is a quick and easy way to manage your expenses; to record every last item in a quick and convenient way.
Why Solo Expenses can help
That’s why you need Solo Expenses Personal Use. Of all the money management apps, Solo Expenses is the only one created with sole traders in mind – exactly the kind of people who fall into the small and micro-business category.
This clever expense manager app puts the power to track your expenses into your hand. Because it’s in your smartphone – and few businesses would run without one of those these days – it is with you every waking moment, ready to use every time you incur even the tiniest business expense.
Solo Expenses recognises that you’re very busy, so it has been created to be intuitive and simple to use. The flick of a thumb over the smartphone screen allows you to navigate throughout the app, and capture spend in the way that suits you best. Perhaps you’d like to tap it in using the keypad; or take a picture of the receipt. You can even create a voice memo, if you’d prefer to do that.
At its most basic level, it’s a free-to-download app, available here. For a small monthly fee of just £2.59 you can unlock a number of other features, such as being able to create reports showing all your legitimate expenses, and upload them to your accountant. You can create charts that show your spending habits and history, and even export them to an Excel spreadsheet if you wish. Think of it – no more piles of screwed-up and scruffy till receipts, but a clean and easy-to-use system for effective expense management.
Get the strength of a big player behind you
Solo Expenses Personal Use is a niche product created by Expense on Demand, an for companies including those employing thousands. Companies in more than 92 countries rely on its innovate approach to manage their expense bills and, by doing so, make a positive difference to the bottom line.
Solo Expenses Personal Use will do the same for your micro-business. Sure, the sums saved won’t be as large as those a large corporate could realistically achieve, but let’s go back to where this blog began. You could be losing more than £200 a year by not claiming ‘odds and ends’ of expenses simply because you think they’re too small to bother with, or you haven’t the time.
We hope we’ve shown not only that such a belief isn’t true, but also that there’s an effective and simple way to capture all that money. Remember what granny always used to say: look after the pennies and the pounds will look after themselves.