Three Effective Ways to Track Expenses for Your Small Business
The right tools will make managing expenses less painful
Keeping tabs on expenses can be a lot of work for small-business accounting teams. You have to key in the smallest of purchases, reimburse employees, bill expenses to relevant client accounts, save receipts to claim tax deductions and monitor overspends.
"With the right tools and practices, managing expenses becomes less painful," said Athina Zisi, chief operating officer (COO) of an eSports company.
Even though most businesses use software to track expenses according to a recent Software Advice survey on financial planning*, few implement the right practices. In fact, many opt for accounting suites, the most popular choice, despite it lacking the necessary expense monitoring functionalities offered by specialized expense tracking tools.
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