It Is Time To Automate Your Expense Tracking

Guest Post by Helen Hoefele

There are many reasons to carefully track and manage your business expenses. In addition to having an up-to-date readily-available view of your bottom line, it allows you to more easily categorize expenses and identify areas where cuts or adjustments are needed. Aside from the obvious legal requirements around tracking expenses, you could also miss out on being able to quickly quantify potential money-saving tax breaks and deductions. Tracking your business’s expenses doesn’t have to be time consuming. The right expense tracking software can quickly replace any and all of your confusing and time consuming manual efforts with a more streamlined automated experience.

  

Say Goodbye to Spreadsheets
Over time, even the best-designed spreadsheet can become difficult to manage. Have you ever tried scrolling through a massive spreadsheet to make sense of your business data? It’s not easy. The right software can allow you to do away with cumbersome spreadsheets once and for all. Without having to manually sort through poorly categorized data entries, you will see how much easier it is to work with data that is cleanly entered and organized from the point of origin.

Cut Back on Paperwork
To increase the efficiency and productivity of your business, you should do what you can to cut back on the amount of paperwork that is generated. That can be accomplished with by professionally automating, organizing, and digitizing all your hard-copy files. Large stacks of paper can be replaced with secure, backed-up, and neatly organized computer files. You’ll no longer have to dig through boxes of receipts and invoices to match up hard-copies with vague manually captured records.  All supporting documentation can be digitized, labeled, and appropriately linked to their matching entry.

Enjoy Easier Reporting and Auditing
Today’s best expense tracking programs allow you to generate useful summarizing reports quickly and easily. With a spreadsheet, you have to jump through a lot of hoops to get the report you need. With a well-designed automated data tracking program, you can choose from a variety of different pre-built reports or develop customized reports that include information that matters to you. The same is true about audits. You’ll no longer dread them. You’ll have the ability to get the information you need for an audit in seconds.

To run the most profitable and successful business possible, it pays to take full advantage of today’s best technologies. Tracking expenses can be handled more quickly, easily and accurately with good software programs such as a high-quality expense tracking software. If you’re ready to be done with expense tracking spreadsheets once and for all, invest in the right software now.

Citations:  Photo Credit: title=”Excel for Macintosh Screen Shot 1987-88″ by Microsoft Sweden, on Flickr

About Author:  Helen Hoefele is a part of an elite team of writers who have contributed to hundreds of blogs and news sites.  Follow her @figmentations.  http://www.ghg.com

Advertisements

1 Comment

Filed under Accounting, Bookkeeping, GAAP, IFRS

One response to “It Is Time To Automate Your Expense Tracking

  1. Thanks for some great points. I gave up excel sheets and built my own tool. I love it so much that I decided to give it away for free. http://www.spendermon.com