Tracking business expenses is time-consuming and sometimes downright painful. But it doesn’t have to be. You can fold expense tracking into your daily business processes by implementing the right tools and systems. Use our tips to streamline your expense tracking and effortlessly stay on top of your finances.
Establish a clear expense policy
The first step in managing expenses is to have a clear understanding of what your business will pay for and what it will not. Make a list of approved expenses. Then clearly and consistently communicate that information to your team.
Cultivate company-wide transparency
The best way to make sure your team is on the same page is to communicate about your expense policies often and with transparency. You’ll create an open environment that’s conducive to sharing ideas and providing constructive feedback.
Simplify expense tracking
Invest in a software program that allows employees to take pictures of their receipts, propose requests, and submit reports online. Digitizing your expense tracking makes sharing and storing information simple and stress-free.
Audit your processes consistently
Set aside time each month to audit your expenses so you’ll always have a good idea of your finances. It’s a reliable way to prevent small problems from becoming big complications. Consider using a quality accounting software to make the process even simpler and less time-consuming.
Use company credit cards
Company credit cards are a great way to track of spending, maximize cash flow, and simplify record keeping and reporting. There are many options to choose from including permanent, single-use or set dollar amount cards.
Train Best Practices
Part of clear communication is adequate training. Invest the time to properly train your employees on best accounting practices so you stay up to date on your liquidity.
Need Professional Support?
Neely’s Accounting Services is your dependable, local resource for bookkeeping. Our team of Roanoke CPAs are available in convenient locations around the Roanoke Valley and are ready to provide a full menu of services. Contact or visit us today to learn more about how you can gain time, money and peace of mind with our expert local bookkeeping services.