Business expenses correspond to all the professional expenses incurred by you and your employees in the course of your various assignments. They are therefore charged to the company, and often represent a substantial item that impacts your profits.
That's why it's so important to manage these expenses properly, by regularly checking that the curve of expenses incurred throughout the year doesn't deviate too far from your forecasts. By choosing to automate this management, you simplify your task and that of your teams.
Let's find out which method to use and the many benefits of better managing your expenses.
More regular financial monitoring thanks to automated management of business expenses
Within a company, some expenses are predictable because they are recurring; this is the case for rent, water, gas, electricity, internet, insurance, etc. On the other hand, others fluctuate according to a number of parameters. This is typically the case for business expenses (train or plane tickets, car rentals, fuel costs, restaurant meals, hotel nights...).
The financial management of a company is vital if it is always to be in a position to cope with market variations, particularly for small and medium-sized businesses. That's why it's so important to keep regular, even daily, track of the company's expenditure, category by category.
By automating this process, you can more quickly monitor the real cost of your employees' business expenses, and ensure that they don't exceed the budget you've set yourself. If they do, you can react quickly to put the brakes on excessive financial commitments.
The many advantages of automated expense management
For the company
By choosing to automate your business expense management, you no longer need to ensure that your employees don't forget to fill in their expense forms. This eliminates the need for reminders to those who fail to do so. What's more, you avoid any risk of losing receipts, which always poses a problem in the event of an audit by the tax authorities.
Automated expense management saves you valuable time, which you can devote to other tasks that are more important to your company's development, and contributes to your peace of mind.
For employees
By eliminating the manual management of their expense reports, you can boost the productivity of your teams. They no longer have to spend time at the end of each month recapitulating the various expenses they have incurred and attaching the corresponding receipts. Automation also helps avoid errors and oversights.
How can you automate business expense management?
The idea is to switch from manual management to the use of a computerized tool. In most cases, when you open an online pro account, you benefit from integrated software to manage your various expenses.
What's more, you can create a fleet of bank cards, which means you can provide a means of payment for all your employees who regularly go on business trips. This means they can manage their business expenses independently, without having to make advances from their personal funds. The amount of expenses incurred by each of them appears on a single account, giving you excellent visibility of your cash flow, in real time.
Finally, you don't have to worry about the tedious calculation of the various deductible VAT rates, as an automatic reading of supporting documents enables instant recording for each invoice.