Seeing piles of receipts and invoices on desks isn’t a rare sight. In addition to the ones you can see, there are probably lots more in pockets and wallets.
Managing business expenses can be quite difficult and time consuming. There is no need for it to be this way. Here are some easy steps to help reconcile your business expenses, without making your desk look cluttered and untidy.
RECORD YOUR EXPENSES DAILY OR WEEKLY
Many people choose to reconcile their business dockets and receipts at the end of the month. Managing expenses isn’t easy and can take hours to get done, which is why it is often delayed.
Try keeping your receipts in date order and do them on a daily or weekly basis. Even though you can’t always authorise expenses for your staff until month end, you can ensure that receipts collected for the day or the week are accounted for in your accounting software. That way, keeping track of your expenses can take just a few minutes each day or week.
GO DIGITAL IN MANAGING BUSINESS EXPENSES
These days many things are stored in digital format. If you are still keeping mountains of invoices and receipts, then it’s probably time for you to consider digitising your records. Record keeping has been made easier with the advent of smart phones. Next time you need to file an expense docket, just take a picture of the receipt using your smartphone and create a separate photo album in your phone. There are apps available that allow you to update your expenses on the go so you can store your expense details immediately after goods are purchased. An even easier option is to input them directly into your accounting software.
ENCOURAGE GOOD EXPENSE TRACKING PRACTICE
It is essential to ensure that your team keeps a track of their expenses and submits their invoices for reimbursement regularly. Adopting an easy and timely reimbursement process will make expense tracking less painful and more efficient.
It is crucial that your people know the importance of accurately tracking their expenses. Good practice on managing business expenses can positively impact reconciliation, a vital aspect to a profitable business.