4 Ways Businesses Can Better Track Their Spending
Monday, December 16, 2019, 6:00 PM | Leave Comment
At the end of the day, your business expenditures make or break your revenue.
Business owners who are able to track their spending regularly, are better able to make decisions about the future of their business.
If you feel that you don’t quite have a handle on your business expenses, here are four ways that you can employ better tracking practices.
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Limit the Amount of Spend Accounts
The first step in better tracking your business spending is simply reducing the number of spending accounts that you have. If you have 10 different cards between debits cards, credit cards, and store cards, it can be hard to keep track of all your spending. By eliminating most of your cards, you can better manage your outgoing costs.
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Use a Tracking Platform
There are various aggregate spend regulation software programs out there for you to choose from. Since each business is a bit different from the next, you may find that a particular software that works for another company may not work best for you. Take some time to evaluate what a potential software can provide you and determine if it will fit well with your business. All these programs will allow you to easily create reports about your spending practices so you can better record where your money goes.
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Allow for Mobile App Uploads
When it comes to employees actually reporting their spending, the ease of the software determines whether or not they do so efficiently. If you find that your employees are lacking getting their spending reports in, it’s time for a more convenient system. There are endless software programs out there which will allow your employees to easily use their phone to upload receipts. Many just require a picture and nothing else. The easier you make tracking for your employees, the more they’re going to do it.
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Set Up Spend Categories
No matter how you track your expenses, by hand or with software, have categories pre-established. This will make it so much easier to not only record expenses for tax purposes but also to see where your money is going. If you wait until later, you’ll find yourself having to weed through all your old expenditures to categorize them.
The success or failure of any business is in its spending. When you’re spending within your budget and on things that help to further your business, then you’ll be successful. When you don’t know where your money is going, it can be hard to determine just how to better manage your business.
You should start to better track your spending with the four methods listed out above.
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