Why do businesses need an expenses app to track their spending?
Business costs often fall into two spending categories – those essential big-ticket items (such as commercial rent and employee’s salaries) and smaller everyday costs that keep things moving in the right direction. It might seem easy to monitor major costs, but it can be a lot harder to keep track of spending on taxis to meetings, working lunches, and stationary.
It’s vital to monitor the outward flow of money from your business, not least because it may be possible to claim tax deductions for some of the costs. Beyond this, it’s important to stay on top of your spending since failing to do so could make it harder to spot potential financial problems.
From petty cash to the money flowing in and out of your main bank accounts, tracking expenses is a critical activity that successful firms just can’t do without.
How could a spending tracker solution help?
You could be forgiven for thinking that it’s enough to check your bank accounts for a list of standing orders and direct debits. That might work for your personal finances, but it’s unlikely to be suitable for business purposes.
By choosing an expense tracking app with the right range of features, you’ll be better placed to stay on top of expense reports, conduct budgeting exercises, and manage your financial accounts.
The aim is to simplify your accounting process by automatically logging everything from mileage and travel expenses through to phone bills and staff reimbursements. You should be left with a complete picture of monthly cash flow without the need for manual input and paper-based expense reporting.
What to look for in expense tracker apps
Without some form of expense tracking software, it might be that you’re keeping a record of expenses in a spreadsheet – or even on paper. This might work for sole traders and fledgling firms, but problems can arise when it’s time to file a tax return.
Nobody wants to spend time searching for old receipts and envelopes full of petty cash slips, and selecting a program with budgeting functionality could save you from all of that. Of course, you’ll need to choose the right software that suits your financial goals and helps you to track spending.
Before you decide to opt for a new expense reporting app, it’s worth considering whether it:
- is easy to use;
- can track spending by category;
- integrates with your existing accounting software;
- can give real-time insights into company spending habits; and
- makes it simple to conduct paperless expense reporting.
If an expense management app can tick all of those boxes, it could just save you time and money while letting you get on with the things that matter.
How to control your business expenses with Soldo’s expenses app?
With so many expense tracker apps out there, it can be hard to know which is the right option for your business. Fortunately, there is another way to track transactions and manage your budget – and it all comes neatly wrapped in Soldo’s spend management platform.
By replacing corporate credit cards with Soldo’s prepaid Mastercard cards, staff have the ability to use the funds they need without jeopardising your budgeting efforts. With the option to place spending limits and rules that match your expense policy, you’ll be able to limit unnecessary expenses without the added complications that come with handling multiple credit card accounts.
With Soldo’s expenses app, everything can be managed from a single, easy to use platform that boasts an array of features. You’ll get clear reports that break down expenses by category, making it easier to follow your budget and improve your commercial finances month by month. The platform even allows for seamless integration with Quickbooks and Xero, so it’s a sure-fire way to make the most of your existing accounting software programs.
