You’ve got a small company. Only four people have business charge cards. Not bad, right? But you have to go over the bank statements. That means sorting through piles of receipts and reconciling everything. After that, it’s time to enter everything into your accounting software.
Not fun. Cash flow’s always an issue, and expense justification adds another layer of stress. What did you just read? Eighty-two percent of business failures are due to poor cash management? No surprise.
It’s time to look into using an expense tracking app, so let’s look at what you want the app to do.
Save the Company Money
One of your friends uses a debit card-based expense app perfect for her small business account. That makes sense. And she can manage it in real-time right from her smartphone. She can set daily, weekly, and monthly spending limits for her employees.
And the employee’s cards aren’t linked directly to her company’s bank account – and that’s a big plus. Setting limits makes sense, and she says she can limit what kinds of transactions the card will allow. Even limit the cards to specific days of the week. And each card can have different restrictions and limits. She can turn the cards off and on, too. Perfect!
Less Time Tracking Expenses
Wouldn’t it be nice to say goodbye to reconciling receipts, reimbursing employees, and keeping the petty cash organized? Many apps can do that, and some do a lot more.
Some business spend management apps using AI software, like this one, https://bentoforbusiness.com/, take screenshots of the receipt right from the employee’s phone. Best of all, the app matches the receipt to the correct transaction. Amazing!
That means no more long hours spent searching for and then matching receipts to transactions. And imagine not dealing with expense reports – no processing and approving them. Because each card has its own restrictions, approval expense by expense wouldn’t be necessary. Instead, you can monitor transactions in real-time!
Better and Faster Record Keeping
Since everything happens in real-time, receipts and transactions are immediately matched and filed into the database. That means your expense records are always up-to-date, and you know your cash flow minute by minute. Want to add tags and notes? No problem.
It also means you don’t have to keep reams of paper records anymore. Everything is in one place, filed just the way your accountant wants it to be. So give yourself a gold star!
And speaking of accountants, your friend’s app fully integrates with her accounting software – everything exports seamlessly. That means the company’s books are always current. The app also keeps records for seven years, so you’ll always be compliant!
It’s Expense Tracking App Time
The time has come to simplify life by getting an expense tracking app. It’ll mean you’ll be saving lots of time, time you could be using to grow the business. And you’ll be keeping better records and saving money! All good!
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