3 Reasons Why You Should Track Your Business Expenses in Real-time
In short, the answer is that you can save time and stress, but there are many more benefits to track your expenses. I think I can safely say, that the expense report procedure is not the favorite activity of most people, but if you do it right you can spare some headaches, especially when you try to collect all information for your tax return in order to deduct your expenses.
Therefore, I will present to you below all the advantages of tracking your expenses in real-time. After I convinced you that you need it, I will explain to you how you can do that.
1. Easy preparation of your tax return to deduct expenses
As I mentioned above, if you collected and organized all your expense documents well, then you can deduct lots of costs and save some money. But this is only possible if you keep track of all invoices and receipts and you do not need to run around and searching for small pieces of papers. Because firstly, it can drive you crazy, secondly quite sure you will lose one or two receipts and with that maybe a big amount of reimbursable money. In order to avoid this stress and paperwork, you just need to implement a better expense report procedure. With expense management tools like Haslle, you can easily follow up on all costs and spending, run reports easily and you can act immediately in real-time so you will not have surprises when you start to file your tax return.
Speaking of surprises, if you are aware of all your expenses in advance and in real-time then it could also save you a lot of money and some heart attacks at the end of the month. If you just sign the expense report papers during the months, you will forget a lot of them and you do not have an overview of the money spent. In order to have a positive cash flow and do not go bankrupt, you need to be aware of the costs, then most likely, at the end of the month, you will not have more expenses than incomes.
If you have a clear picture of where the money goes and how much is it exactly immediately and not just at the end of the week or month then you can improve your cash flow. It is because you can see easily if you spend too much money on something or your pay maybe for a service you do not really need. With an expense management tool like Haslle, you are able to become more financially aware and with this save money for your business, that you can invest in a more important project and manage not just your expenses but all your budget better. Avoid the mistake that you do not track your expenses and wrongly assume that your company is more profitable than it actually is, just tries out Haslle for free by clicking here, and your company will be safe.
3. Happy employees
Creating an expense report is not a dream. Keep and collect all receipts, and chase for signatures and if there is any mistake do the process again. Then the employees just wait and wait for their money back and if they are lucky they will receive it at the end of the month. The money they spent on your business and now they need to ask it back. Not really a convenient situation. But there is a solution to this problem, which saves you and them time and creates a better atmosphere.
With an expense management software you can firstly approve all expense claims in real-time, immediately, but even better if they do not need to pay in the first place. With a virtual and pre-loaded credit card, you already provide them with the money they need and approve in advance their expenses. This will build trust and happiness among your team and if your employee feels that they appreciated then they will be more productive as well.
So you can see, that tracking your expenses in real-time not just saving time and stress, but money as well as you can deduct easily costs through tax season and be more aware of your expenses and calculate a manage better your budget. On top of that, you can improve the atmosphere in your team with prepaid or promptly accepted requests which leads to better productivity. In order to have this overview and opportunity you just need to do an investment in a software that will do the most of the work for you and allow you to be always up to date. Haslle can help you with all the above to save time, money, and just be happy and concentrate on other projects. You can issue the mentioned virtual cards, approve every request on your phone anytime immediately, and create reports for your calculations and taxes in a very simple way.
So do not hesitate and try it out for free by clicking below: