Online and Digital solutions
The days of keeping desk drawers and boxes full of invoices and receipts are over. Today, there are digital solutions that could enhance your expense management process and help you to reduce the time and money that you spend on record keeping, or on hiring accountants.
There’s a lot of accounting software packages out there that could make managing your finances easier, and some of them are available for free.
Online and Mobile Expense Recording
It’s now easy to take photos of your expense receipts using a smartphone and store them online for use in the future. Some accounting software can even turn the photos you take of your receipts into digital receipts for creating expenses1. There are also mobile apps for managing expenses – ideal if your business takes you out on the road.
You can now produce, send and store invoices while you’re out focussing on building your business, using a smartphone or tablet. You could even improve cash flow management by having invoices automatically sent to clients, all from an online tool, accessed from wherever you have internet access2.
Real-time Transaction Monitoring
Many business accounts will enable you to track your transactions as they happen, so you’ll always be able to see where your business stands. You can see online which transactions have gone through and which are still pending, such as payments for petrol or a hotel room.
What if I Employ Staff?
You could simplify expense reporting at a stroke by getting rid of petty cash. And, rather than asking employees to pay for expenses out of their own pocket and claim it back, you could issue them with expense cards. You can then just pay in money to a single account and monitor transactions online, by employee and in real time. It’s even possible to block certain types of transactions, such as gambling.
Managing Expenses whilst Abroad
With an online business expense account, you’ll be able to see where the money’s going, wherever your business takes you, as long as there’s internet access. This means that your expense management can continue whilst you’re abroad.
Whilst creating an expense management process can be labour intensive, it’s an essential step in business management. Make your life easier by taking advantage of some of the readily available and easy to manage online and digital tools. These could help you to streamline processes, maximise efficiency and give you greater flexibility – so even if you’re out of the office, your expense management process can continue to run smoothly online.
The Cashplus Bank Business Expense Card is integrated with major accountancy software providers, offers real-time transaction monitoring and a receipt capture feature in our Mobile App.
This content was created on 19th June 2018
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