Updated: May 31, 2022
What is expense management
“Expense management is the system a business uses to process, pay and audit their business spend. These costs normally include employee travel and entertainment. Expense management systems can also be used for sole traders to manage and monitor their business spending. Expense management has two key elements: how a business pays for their items and how they track that spend” Andrew Woodhouse, KashFlow
What Does the Future of Expense Management Hold for Small Business?
The future of expense management for small business is already here and it is digital. The first thing that every small business should do is to start using a Cloud-based system that can help them manage their expenses and also track their revenue. These types of systems are very useful because they can give businesses a better idea of where their money is going and where they can save some.
What is Expense Management Software?
Expense tracking is one of the least enjoyable aspects of running a business. Thankfully, there are various cloud-based solutions that help small to midsize businesses innovate and even automate expense reporting tasks. Some examples are Xero, Quickbooks, MYOB
Follow Your Spending To Track Deductions
Keeping track of your spending is easier than ever these days but it can still seem daunting to some. Most credit cards will send you a year in review and all of your bank transactions are available online. While online banking has made things a lot easier, there is still plenty of room to miss things. Use additional software like Xero or QuickBooks so that you will have one more opportunity to catch all deductible expenses.
Using software like Xero or QuickBooks to track your spending throughout the year can make this process much easier. Allocate time either each week or fortnightly to review your expenses. Be sure to attach your bank accounts and credit cards to the software so those accounts are recorded into your total spending which will allow you to keep track of it all.
Doing so will allow you to click just a few buttons to produce a report of all of your spending when tax time comes around again.
The ATO has useful information to help you gain a better understanding of your deductions:
Virtual Assistants Can Help with Your Business Expenses
As your business grows, so does the amount of paperwork you need to manage. You may find yourself spending hours at a time on tasks like expense reports, and managing receipts. This is where virtual assistants can help.
Virtual Assistants are people who work remotely for you to take care of business tasks that would otherwise be over your head. They provide many advantages including saving you time and energy and helping you save money.
Below are some of the ways that virtual assistants can help with your business expenses:
Assist with the setup of a cloud-based expense management software
Assist with creation of processes and procedures to manage your expenses
Organise your expense receipts
Streamline your expense management and reduce workload
While a virtual assistant is no substitute for a certified accounting professional, you’ll find that with today’s accounting solutions, you don’t need an expert in the field to handle things. Much of the work you’ll do on a daily basis with the cloud-based software could be done by anyone who has experience basic bookkeeping for a business. Your certified accounting professional will prepare your BAS and Tax requirements.
With the help of Patricia Your Virtual Assistant, we can help manage your expenses in an easy and efficient manner so that you have the reports that you need, when you need them. We can handle virtually any type of task you need done in regards to creating and managing your expenses, so don’t hesitate to reach out to discuss your specific needs.