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:
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:
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 This outdated approach has several problems, though -- it leaves room for errors, you waste a lot of time on data entry, and you risk losing receipts.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:
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 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.
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: