Expenses can provide an admin headache on both sides of the coin!
First, for the person who incurs the expenses and has to keep track of them and record them. Secondly, for the accounts team that processes the expenditures and incorporates them in the accounting records.
A spreadsheet has long been a method of simply listing the expenses – a worst-case scenario being just a name and a total – no VAT details, no note as to the reason for the payment etc. Once these have been identified, they then need entry into the accounts – which may well mean summarising the expenses and rekeying a lot of the information again – duplicating work.
There are other options, many of which can automate processes! Dedicated expense management software is one solution, another is the use of prepaid debit cards. These can integrate with your accounts software. The accounts software may well have an expenses module built in too.
Capturing a receipt on a mobile device immediately it is received is a good process, and even more so when the data can be extracted from that image and coded appropriately.
Talk to us now – let us help you streamline this time-consuming task! After all, you have better things to do in your business.
