How Can Expense Management Tools Make Your Business More Efficient?

 

Jim’s Accounting Ltd down on 2C is projecting big 3rd quarter growth while your numbers seem to have gone stale. What is their secret? What are they doing that you’re not? Here’s a look at three practices, like keeping track of expenditures with powerful expense management tools such as ExpenseIn that will keep your business as competitive as Jim’s down below.

1. Scrap the paper

With much work being done using online collaboration tools, the modern office uses a lot less paper and this has a number of benefits. Where large and expensive printers took up a lot of floor space, or even a dedicated stationary room, the newly freed space can be used much more effectively to house more employees or have more dedicated conference rooms. You couldeven rent a smaller office. If all of your teams work remotely you may not even need a physical office anymore saving you on all those overhead costs.

 

2. Expense management software makes filing easier

It’s not only earnings but deductibles that will help turn your business keep to a budget, or even turn over a profit the following year. Business lunches, meeting room supplies and expensive electronics can all be deducted at the end of the fiscal year. Keeping track of the small things, like an employee taxi fare can get a little tricky if you don’t have a good system in place for all those receipts. A good expense management software provides a simple app where all receipts can be recorded and filed accordingly.

3. Remote teams improve communication

Memos and scraps of paper reminding us to call Jan were extremely inefficient. Teams workings remotely can access a central virtual space where deadlines, assignments, and progress goals are all clearly laid out. Instant messenger cuts email out of the equation making communication simple and direct. Clients can also keep tabs on project development and communicate through chat, cutting out the need for long, drawn out meetings.

Having a good expense management app makes sticking to a budget so much easier. Take the physical office out of the equation and benefit from better communication with remote teams, and you’ll also be a step ahead of Jim’s Accounting Ltd.

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