Make Your Money Moves — Wisely
Reports, bills, expenses, reimbursements—just speak to accounts! An average accounting team spends so much time just consolidating, correcting and cleaning up data. There could be two reasons that causes this: firstly, the manual nature of data collection and secondly the frequency of this activity. Often finance leaves reporting for last minute, or perhaps the books do not tally because Joe forgets to attach a fuel receipt from Jan’22. Even in a small organization, expenses such as recurring subscription plans, software licenses are easily overlooked, because no one is tracking them. Moreover, usage statistics, trends and such data are rarely tracked or even available to an SME at any given point.
Budgeting and cashflow planning for the CEO/CFO is very important. Your business has to be funding-ready at any given point. Potential investors often judge the organizations stability based on its liquid assets—and well Covid has made us wiser for it. Having a strong grip and planning things in advance removes anxiety due to unforeseen circumstances helping you make more rational decisions and well, wiser money moves.
Data is your best friend
You have to make space for error wherever manual data entry is involved. Far too much talent has been lost behind graphs, pie-charts, and countless tables in spreadsheets. Errors and inaccuracies in logging data manifest over time and often by the time they come to light, it is usually due to an accounting catch. Imagine spending sleepless nights over multiple excel sheets and still not being to tell whether the data at hand is one hundred percent right.
It is indeed time to bid goodbye to our trusted spreadsheet—because an expense management system will allow you and your employees to capture data digitally right at the source. Moreover, the data being tracked in a digital-first mode via your mobile phone makes it much simpler, quicker and well at the end of the day, no one is losing sleep over a lost receipt.
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