The benefits of small business expense technology
November 13, 2012
It could be said that maintaining business expense compliance
is even more important for small businesses than it is for their larger equivalents, as small companies tend to have less of a financial cushion to work with. Because of this, they must be especially vigilant about when and how their funds are being used, as the potential to waste valuable financial resources is significant if companies do not put the appropriate safeguards and processes in place.
Happily for the owners of small enterprises, there are a number of small business expense technology
solutions that companies can use to ensure they are complying with reporting and tracking requirements. They can also use these solutions to facilitate streamlined expense management by automating processes in order to mitigate staff involvement. In addition to freeing up time for HR personnel to attend to other tasks, automation also typically mitigates instances of human error, which, if allowed to go unchecked, can rapidly spiral and result in incomplete or erroneous expense records. Small mistakes may go unnoticed, but human error has the potential to lead to extensive frustration, aggravation and unnecessary costs once the end-of-fiscal-year tax bill rolls in. Because of this, mistakes related to manual expense management methods should be avoided at all costs, which is where small business expense software
comes into the picture.
In the past, expense tracking software
and expense reporting technology
had to be run using desktop computers. It was the advent of the laptop that first injected a degree of mobility into proceedings, and nowadays, an array of smartphone applications and web-based solutions is remotely accessible via cellphone and tablet device, provided the user is in an area where wireless internet is available.How can Sage Timeslips 2013 help?
Small businesses can use offerings such as Sage Timeslips 2013 to record time and expenses, invoice clients and streamline the entire process with features such as expense category creation, invoice and report customization and the flexibility to assign up to 20 different price levels per expense item. Additionally, the new, fully integrated calendar in the latest iteration of Sage Timeslips helps professionals ensure that all their calendar appointments are accounted for and billed accordingly, allowing them to verify slip creation and pick up on missing slips in order to ascertain that their time is being processed correctly and comprehensively.