Although it is a common occurrence to see piles and piles of receipts in the corners of small businesses everywhere, that’s only a small portion of receipts that business owners are hoarding. Keeping up with expenses is a challenge for many small businesses across the globe. Here are tips business owners can use to keep track of their expenses and eliminate much of the messy paper trail.
1. Frequency of Expense Tracking
We get it. Finding the time to track expenses can be a challenge, especially if the business is a busy one. Let’s face it, not very many people enjoy playing the time-consuming role of accountant. The longer it takes for you to get around to tracking your expenses, the longer it will take to get it done. Instead of waiting until the end of the month, consider doing a little bit each day at a set time to prevent a mountain of receipts from piling up. This also helps to eliminate missing invoices.
2. Go Digital
Instead of stuffing receipts into every nook and cranny in your wallet, scan them so you can get rid of the clutter. Some stores and businesses provide email copies of receipts that can help to make it much easier and less messy for you to keep track of them. Until every business you deal with catches up to that trend, digitally scan your receipts and file them away properly on your computer. You can even take pictures of them with your phone or tablet, use cloud help desk software, or download an app like ReceiptBank or Shoeboxed to keep track of your expenses while you’re on the go.
Related: Track time and billing with Cayzu Help Desk’s native time and billing tracking
3. Eliminate Petty Cash
I know, you’re probably wondering just how to manage your small business expenses without petty cash. The answer is simple. Have everyone, including your employees foot the bill and apply for reimbursement. This can be very beneficial because it helps to eliminate unnecessary expenses, receipts, and makes it much easier for you to account for every single dime that is being spent.
4. Add Employee Incentives
Did you know that over 52 percent of employees don’t provide an accurate accounting of their expenses in a timely manner or at all? What this means for you is more headaches and frustrations when it’s time to account for every dollar that has been spent. Encourage and motivate your employees to enter their receipts on time by making the process a simple one. Relying on employees to write everything down on forms and to use old, outdated software is a great way to ensure they don’t the task at all. Upgrading to the use of intuitive customer service software can help lessen the burden for your employees and keep your business functioning like a well-oiled machine.
Of course, with the use of better software comes the need for better support to prevent learning and growing pains that can set your business back. No matter what kind of software and systems you have in place for expense accounting, make sure your helpdesk staff is proficient enough to overcome any hurdles or challenges that may occur. Although you own the business, you can delegate the task of expense tracking to everyone so they can do their part to help out.