A Digital Expense Management Solution Always Helps Small Businesses

Successful small businesses are like Olympic athletes – there’s no room for anything that doesn’t enhance performance. That’s why every SME should have a digital expense management solution at its fingertips.

Being successful as a small business is about using resources in the most effective way possible. Right at the top of the list of those vital resources is time. And that’s what any SME is wasting if it’s not using cloud-based expense management software.

Top expense management software are the best way to manage employee expenses for the 21st century, because digitization rolls up a number of tasks in one simple action.

When an employee spends money on the company’s behalf a simple click captures a picture of the receipt. From that point onwards it’s in the system to support an expense claim, assist approval, and filed to support whatever tax claim needs to be made at some point in the future.

Because it’s there, along with all the others associated with a claim, approval and payment can be faster, and proper records can be transferred to your accountant or bookkeeper at the click of a finger. That leaves you free to get on with the business of doing business.

But in the background the best expense manager app recorded all of your expenses in the correct categories. That puts you, as the business owner, in the perfect position to look for patterns in the way the business spends money, to spot clues as to inefficient spending, and how you might achieve the same result at a lower cost.

The process can be streamlined even further by linking company credit cards to the app, which offers the added bonus of keeping company money entirely separate from employee money, offering further clarity in the process.

Any business expense tracker app worth its salt, such as Solo Expenses, will ensure your employees track business mileage using GPS. This completely removes the old-fashioned ‘finger in the air’ assessment of miles driven, which was invariably inflated by a mile or two, at least.

Speaking of errors, that mileage saving is just one of the many available through cloud-based expense management software – another is the elimination of all manual processing of expenses. Think how many hours you’re spending with manual processing of paper-based systems, or the data entry that comes with Excel spreadsheets. Excel is undoubtedly fine software, but why waste time having someone use it for unnecessary work at unnecessary cost? There’s a better way. It’s the use of a digital expense management solution.