Why Business Expense Tracking Software Is Necessary (2021)

  • Posted by: appsco

Proper expense tracking is vital for the financial health of any business. Understanding your company’s expenditure helps you plan your finances better in all business aspects.

In 2021, this process is simplified thanks to cloud-based Business Expense Tracking Software.

Continue reading to learn how it can help your company gain the upper hand in today’s competitive global market.

How to Use Business Expense Tracking Software to Your Advantage

Business Expense Tracking Software does so much more than just calculations.

The ideal software for the job is capable of implementing and following important documents such as employee contracts, company policies, government regulations, etc.

It should be able to automate recurring charges, add extraordinary expenses when they occur, and document everything effortlessly.

Common business expenses include, but are not limited to:

  • Office space rentals
  • Utilities
  • Employee salaries
  • Commissions and bonuses
  • Service fees
  • Marketing expenses
  • Subscriptions and recurring charges
  • Office supplies
  • Equipment purchases
  • Travel costs
  • Hired contractors
  • Bank and tax settlements
  • One-time expenses/purchases, and more

Keeping track that many zeroes can be demanding, which is why accounting jobs are in high demand.

Larger businesses might have anywhere from one to multiple accountants, while smaller ones may delegate the task to different managerial or HR positions.

Regardless of how the company is structured and how good that person(s) is at their job, expense tracking software will automate the mundane processes for them.

This allows them to focus on more important and creative aspects of their job, such as finding new solutions for company expenses.

Why Automating Business Expense Tracking Is Important

Computers – and increasingly phones – and accompanying apps have simplified everyday business operations.

Finance handling and expense tracking are no different.

Thanks to automation, the role of accountants and financial managers has expanded from bookkeeping and reporting to executive roles with different responsibilities, depending on the type of business.

They no longer spend endless amounts of time going through numbers and instead focus on creative work, such as finding the best value for the company’s money.

Likewise, no matter how good your accountant, HR department, and management structure are, reducing the chance of human error expense tracking saves you lots of headaches.

When financial errors occurred in the past, finding the cause and fixing them could end up costly and time-consuming.

However, when all information is automated, kept in one data location, and calculated by a computer, they’re easily identifiable and fixable.

If you’re a multi-national business, chances are you have multiple bank accounts and operate using different currencies.

Thanks to business expense tracking software, you know your finances are handled within the guidelines of any bank contracts and laws which apply to each account.

The Value of Business Expense Tracking Software

Using software to automate everyday operations – such as expense tracking – adds immeasurable value to any company.

Once a business expense tracking software is installed and the key people are educated on its use, you can let so many things run automatically.

If there are multiple key people handling finances, having one software compatible on all devices (cloud-based) makes the information flow seamless.

Having a digital platform with all data in one place makes overviewing, planning, searching up info, and thinking up new solutions easier.

Expense tracking software can automatically generate financial reports in the time frame you set (weekly, monthly, yearly), meaning you always get your information on time.

The best business expense tracking software solutions are cloud-based, meaning they can be accessed across a variety of devices (computer or mobile).

Likewise, it should be integrable with other software and capable of importing or exporting data.

Integrating Business Expense Tracking with Other Essential Software

Nowadays, there’s business software for handling all kinds of company processes.

While these are often standalone applications, there are times when information exchange (importing/exporting) between them is necessary.

Payroll Management Systems

A Payroll Management System is a piece of software that handles all employee-related costs.

One of the benefits of using it is, it can reduce payroll-related costs by as much as 80%

If you already use or plan on using one, make sure your Business Expense tracker can extract data from it and vice versa.

Time Trackers

Time Tracking Software has become a common occurrence in companies, especially with office jobs.

It provides valuable information to all parties.

Employers know exactly how much work is being done, while employees can easily report accurate work hours and know if they’re being compensated correctly.

The best time tracking software is cloud-based and can easily be incorporated with and export its data to business expense trackers.

Employees can use the user-friendly mobile app to easily track their stats, including hours worked, tasks to complete, hours to payroll, and salary estimates.

AppsCo One Does Time Tracking Like No Other

If you’re looking for a modern Time Tracking tool to incorporate in your business, AppsCo One has you covered.

With it, you can easily track all-time metrics, including:

  • Hours/days worked
  • Time spent on specific tasks
  • Tasks for your customers determined by contact
  • Yearly tasks
  • Deadlines, etc.

AppsCo One doesn’t just track time statistics, it uses these stats to create valuable reports on employee and company performance.

You can use AppsCo to create checklists, group employees, send out reminders, manage invoices, and more.

But time tracking is just the tip of the iceberg.

AppsCo is a complete business master-management tool capable of handling all kinds of HR and IT processes.

Author: appsco