It’s obvious that the most important tasks in any business involve generating sustainable revenue streams. But there’s a second tier of activities that’s just as important, even though they don’t do that directly.
They’re activities that underpin the revenue generation without which no business can survive, and as such must be done in as little time as possible, freeing up more time to meet customers, do deals, and sell product.
This is where technology comes, like a superhero, to the rescue. Applying rigour and discipline to the process of expense tracking using expense management software for small business controls the spend, using hard-won revenue, in as short a time as possible.
It’s here that the value of expense tracking and invoice management software really comes through. Accuracy and speed combine in a good business expense tracker app, giving any business owner the confidence to know that spending isn’t excessive, and revenue is coming into the business as it should.
By collating data in a way that can be integrated within a company’s financial systems the best expense manager app can add real-time data that allows analysis of performance as well as controlling spending, so it can point the way to better ways of doing business.
Similarly, invoicing management software will highlight the true cashflow position of any company, and will highlight bottlenecks in a payment system and shine a light on which customers are slow to pay. Spotting the patterns in invoicing systems can inform decisions about how business is done in the future. Can business really be profitable if the client delays payment for 60 days or more? Such tactics may well be seen as shameful, and it’s often the very large companies with convoluted and cumbersome systems who are most guilty. In effect they’re using smaller companies, which lack marketplace clout, as a source of cheap finance. It’s a process which can drive the small firms to the wall.
The trick is to recognize that although effective expense tracking and invoice management don’t generate revenue in their own right, they can support the managerial process by presenting a clearer picture of what’s actually happening in a business in such a way as to inform better decisions in the boardroom. And that means that actions, taken on the back of accurate data, can not only be made more quickly, but will also be more effective in the long run.
Expenseondemand is an end-to-end cloud-based expense report software solution that automates and streamlines the expense management process.