Author : Gabrielle Glassop.
Published : Sun, Sep 2 2018 :6 PM.
Format : jpg/jpeg.
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If you have employees that generate expenses for your company (travel, client lunches, event attendance, and so on), it is important to have good control over their expenses, too. Start first by instituting a credit card usage policy for your company to ensure that they understand the rules of it (i.e. budget limits and who’s responsible for paying outside of them).
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Waiting to arrive back at the office with a pile of receipts to fill out an expense report form is inefficient. But if you make your electronic expense reporting workflow mobile, you add an extra layer of convenience for your traveling employees. When an employee can use her tablet to work on an expense report during a layover, and then finish it on the train to work the next morning, she can be confident reimbursement will be quick and can deal with more important things once back in the office.
It can be hard at times for business owners to separate their personal and business lives from one another. One area where that should not be a problem though is with expense accounts. If you are still using the same credit card or banking account for all of life’s expenses, don’t. Instead, use a business credit or debit card solely for business expenses. This will ensure there’s no time wasted trying to figure out what was a personal expense versus a business one.
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Getting all your expenses on a credit or debit card is an important first step in tracking and efficiently managing all your business expenses in preparation for the next tax season. However, an accounting software will take this expense control to the next level.
Paper records, while great for backup, often prove difficult to manage come tax time, so ditch the pen and paper as soon as possible. If you still receive paper receipts for expenses, use a mobile app or scanner to copy receipts and records into the cloud and store them away immediately. Also, stop paying with cash for business expenses. Credit cards are a much more efficient way to make payments and spend less time tracking them down later.