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18-Sept-1

5 best ways to make expenses a breeze

Business expenses can quite quickly turn into a nightmare if they’re not carefully organised and tracked. No matter your company’s size, whether a small businesses or large corporation, staying on top of your expenses is key for easy accounting at the end of the financial year.

Here are some easy ways to make handling expenses a breeze…

1. Make sure you have a process in place
It can get fairly messy if you don’t have the adequate processes in place to handle expenses. Make sure your team is well-trained on how to label expense documents and enter them into a system, or you can rapidly end up with several different methods of tracking expenses.

2. Keep your documents physical and digital
You need to keep your original expense receipts for the time required by the country you operate from or in, but don’t just keep them on paper. You might find it easier to scan documents and keep digital copies to ensure that if something happens to the paper copies, you’ve still got evidence for the taxman.

3. Use separate accounts and dedicated cards
Using dedicated expenses cards for your employees can make it easier to keep track of what they’re spending. Make sure you’ve got oversight of the accounts and instruct employees to get receipts – you’ll want them to match up to the account later.

4. Use accounting software
If you don’t have a dedicated accountant, it’s a good idea to use accounting software to help you keep track of where the business’ money is going. There are plenty of apps and technology solutions to help you keep track of expenses being paid, so there’s no excuse for records being missed.

5. Get professional help
If you’re having trouble keeping track of your expenses and squaring them with the taxman, getting professional accounting assistance is probably the best way to keep the whole process stress-free. You can find accountants in your area or over the web. An accountant doesn’t have to be expensive, either, so you don’t have to worry about spending lots in order to save money!

 

Images courtesy of Press Association

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