When you’re trying to grow or run a business, every dollar matters. It’s critical to find ways to cut costs, increase efficiency, and run lean to increase your profit margin and boost the bottom line. But cutting costs without compromising on productivity can be tricky. And the idea of having to spend money to save money is equally daunting. Investing in expense tracking software is one of the best changes you can make to get a better handle on your company’s finances – and though there’s an initial financial investment, most companies see that returned within the first year. Here’s why.
Three Ways Expense Tracking Software Reduces Business Costs
Reduce Staff Costs Through Automation. Staff costs are typically fixed costs; it’s difficult to reduce personnel-related expenditures without affecting productivity. One of the ways you can reduce staff costs is through automation. Expense tracking software automates many business processes to run your company in a more lean and efficient manner:
- Create invoices from reimbursable expenses with the click of a button.
- Export budget tracking data to your accounting software instead of having staff input the data into multiple platforms.
- Create custom approval workflows with automatic notifications and reminders to prevent paper forms from getting lost or delayed.
Efficient systems and fast reimbursements will also keep your employees happier and contribute to reduced staff turnover – which will drive your staff costs down even further!
Reduce the Costs of Errors. Most managers have no idea how much it costs their company to process expense reports. Fixing ones with errors is even more costly. The Global Business Travel Association found it costs an average of $52 to correct an expense report – and with one out of five expense reports containing errors, that adds up to big bucks for companies of any size. If the errors have tax implications, the financial penalties are even steeper. An expense tracking software with digital receipt storage means your back-up documentation is always organized and available when you need it. You’ll also have post-approval safeguards that comply with federal regulations to protect the integrity of your data and guard your company against fraud.
Control Costs Through Automated Reporting. Expense tracking software gives you detailed insights into your company’s finances through automated reports. Review project expenses, identify areas of waste, review overall profitability, and make data-informed decisions with real-time reports that were built with both usefulness and accuracy in mind. It’s easy to get lost in the weeds with day-to-day business operations, but using reports to assess your fiscal health can give you insight into areas of cost savings you may never have considered before.
Web-Based Expense Tracking Software
MindSalt is the expense tracking software that will help you reduce errors, increase efficiency, and cut costs. Because it’s web-based, MindSalt is accessible to employees from anywhere and gives you reports and updates in real-time. Your employees will love its user-friendly platform, and your managers will love its robust reporting and functionality. And with a transparent monthly fee structure, your costs are predictable and there’s no huge up-front investment. Sign up for your free trial today!