Is your company taking off and you are finally seeing how important it is to monitor your expenses? Of course, expenses will increase with your investment needs resulting from developing your business.
On the one hand, the number of your employees is increasing and they need to be equipped. On the other hand, you want to take advantage of this dizzying growth and invest commercially to get customers to notice you. All necessary expenses need to be monitored every day. So how can you reliably monitor your simplified accounting? This article will give you some useful tips.
No company can do without expense reports, especially those that are growing quickly. These exponential expenses actually indicate the financial health of your company. Rest assured! Expenses may be of different types and come from all entities of the company. The sales team will issue this type of expense reports: lunches with customers or prospects, train or air travel, tolls, and fuel expenses, purchasing greeting cards, boxes of chocolate, or bottles of champagne for client gifts, etc.
Other expenses relating to increased payroll, for instance, may be added to the list of the company’s expenses. General and computer departments may also purchase office supplies, computer equipment (desktops or laptops, tablets, mobile phones, etc.) or even equipment to improve working conditions for your employees (microwave, refrigerator, coffee machine, coffee pods, kettle, etc.).
You can list and centralize all of these expenses using an easy-to-use tool. For example, you can enter the following elements:
• Name of the person responsible for the expense
• Category of the expense
• A detailed description of the expense
• Date of the expense
• Amount broken down into gross, VAT, net, etc.
• Payment method
• Proof of purchase to be included, and so on.
Use this table template for Financial Management
Real-time monitoring of small accounting operations
However, these necessary expenses force you to control them closely and ideally, as they happen. You need to make sure of their appropriateness and that the right proofs of purchase are included. Using simple tables that are shared with your accountant can greatly facilitate this reporting process, opening up access to archiving proofs of purchase. Furthermore, for optimized monitoring, you can link the name of employees who made the expense, the date of the expense, plus the payment method used. This monitoring process will also help you to adjust your budget estimates allocated to each of the departments in your company.
You can be aware of all expenses incurred at a glance. Even the simplest form of account needs to be set up in order to optimize your business development. Daily monitoring will let you anticipate risks and avoid arbitration errors.
RowShare can help you with its customized collaborative tools. Don’t wait to get help from us!