As your company grows, you may find yourself struggling to keep up with the volume of expenses on your own, which can lead to oversights and mistakes that affect your financial reports. Don't let this happen to you. In this blog post, we'll be discussing six tell-tale signs that indicate it's time for a new expense management system for your business.
For some small-business owners, company credit cards are convenient for all kinds of reasons: No need to carry cash; no splitting bills; free technical support for sorting out problems; and so on. But the convenience and usefulness come with a price. Company cards can create uncertainty, extra paperwork, and even employee fraud. In this article, we’ll look at the drawbacks of using company credit cards and provide another alternative that may be more ideal for your business.
Most business owners rely on paper receipts and spreadsheets to manage their expenses. This outdated approach has several problems, though -- it leaves room for errors, you waste a lot of time on data entry, and you risk losing receipts. Instead, consider automating your expense management process. Automation can save you hours of your day and makes tracking expenses a breeze. Here are several ways automation can help simplify your work:
With Penny Inc, you can enjoy all the perks of virtual corporate cards. You can keep track of all expenses, automate your accounting processes, and minimize the risk of fraud. Whether you’re shopping for office supplies, booking hotel stays, or planning company events, our platform can help you gain control over your spending. Penny Inc allows you to assign as many virtual cards as you want to your employees and vendors, and you can set budget limits and freeze cards. And the best part? It’s completely free. Sign up for a virtual card with Penny Inc today.
Chief among the reasons restaurants cease trading so early is poor expense management. Too often, first-time restaurant owners fail to keep their spend under control. And it makes sense why. The fast-paced nature of the food industry makes managing expenses one of the more demanding parts of running a restaurant. In this article, we’ll offer a few tips that can help you take control over your spending, so you can avoid a similar fate to the restaurants we’ve mentioned above. Let’s dig in.
8 in 10 budget owners consider spend management to be too challenging. As a founder trying to keep your startup train on its track, managing spend can be an even more taxing challenge. In this guide, we’ll discuss some money-draining mistakes that you need to avoid to ensure your startup runs smoothly.
Are you tired of managing mountains of paper receipts? If so, it may be time to digitize them. There are many benefits to doing so, including reducing clutter, improving organization, and making tax season a breeze. In this blog post, we will discuss the top 13 benefits of digitizing receipts for your small business. Keep reading to learn more.
Expense reconciliation is a tedious, time-consuming process that eats up hours of your workday. Business owners and finance teams lose valuable sleep every month trying to close the books. This post will walk you through how to reconcile spending faster.
Business travel can come at a huge cost. The expenses can sometimes get out of hand, and the drawbacks may outweigh the benefits. Read on to find out how you can minimize your travel spend and plan for more cost-efficient business trips.
As a business owner, you have to deal with the frustrating task of handling employee expense reimbursement claims. Whether it's for company lunches, mileage, or supplies, you'll always have to handle these pesky requests. The good news is that with the right tools, processes, and technologies in place employee reimbursement can be managed much more efficiently.
Accounts payable can be a complex and time-consuming process, but there are ways to make it easier. By using the tips and strategies in this article, you can streamline your accounts payable process and save time and money.
Putting together an employee loyalty program is a great way to incentivize your staff and provide them with a feeling of being appreciated. It can help you build up morale among your staff and help them feel more connected with the work they do on a daily basis. Keep reading if you want some helpful tips on how to create a successful employee loyalty program.
As your startup evolves from an army of one to 10, 20, or 30 team players, you'll need a spend management platform to safeguard your cash flow. Here's how a spend management can help fuel your startup's growth.
Creating a company expense policy helps ensure that expenses are handled efficiently within the business, preventing any misuse of company funds. It establishes guidelines for employees on what expenses are allowed and how they should be submitted for reimbursement – this can help to reduce any disagreements or misunderstandings about expenses down the line. In this blog post, we will discuss some tips for creating an expense policy that works for your business.
Each company has different needs and wants in its software. The number of employees, the type of industry, and the size of the budget can all make a big difference in what system is best for your organization.
In this guide, we’ll look at two of the best expense management systems in the market today: Penny Inc and Pex. We’ll look at their benefits, features, and pricing, so you can make a more informed decision when looking for a platform.
Cash flow is the lifeblood of any business. Without it, businesses can’t pay their bills, make payroll, or invest in growth. That’s why it’s so important to keep the cash flowing. In this blog post, we will discuss some tips for managing your business’ cash flow.
Petty cash is a great way for small businesses to pay for unexpected expenses without dipping into their main bank account. In this guide, we'll cover everything you need to know about petty cash, from how to set it up to how to record transactions and reconcile your books.
Operating a successful small business is no easy feat. One of the biggest challenges can be trying to make sense of your financial data—especially if you’re doing it all on your own. Luckily there are loads of tools and apps available to help you take control of your financial information. From scheduling payments to tracking expenses, these 9 tools will hopefully make your life a little bit easier:
Employee fraud is the kind of thing that can really hurt your business. Not only do you have to deal with the financial consequences, but also the trust issues that come along with employee theft. Here are some of the common signs of employee spending fraud you need to look out for:
As a business owner, you're often the person who has the final say in decisions about money. While there may be many different people working at your company, it is ultimately your responsibility to make sure that every penny of expense is necessary. Before you give a green light to any expense consider these 10 questions:
As a small business owner, if you're not careful, it's easy to neglect your original budget and fall into the habit of overspending for basic business needs. When all is said and done, you've damaged your bottom line, and you've probably racked up thousands of dollars in debt. That said, here are some of the areas where you may be overspending:
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