4 Reasons Why You Need Business Expense Tracking with Your Time Tracking
In the business world, time is money. Sadly, for a lot of business owners, time is a commodity that is not readily available in droves. Every single second matters in the workplace, and if you’re looking to get a handle on your time, as well as your expenses, software for business expense tracking is one of the best investments you will ever make. In the world of business, you need to monitor each and every single penny that you spend. You need to know exactly how much is coming in, as well as precisely how much is going out. This is where expense reporting proves its worth. Now, we know that tracking your expenses isn’t the primary reason why you went into business, but it is a necessary element that can be made a whole lot simpler by implementing the correct software.
Here’s a look at several reasons why your business cannot afford to pass up on purchasing business expense reporting software integrated with your time tracking.
Boost employee morale
Initially, time tracking software and business expense tracking may be met with some reluctance by some of your employees. Once they understand what it really is, and see that it isn’t simply designed to keep tabs on them and ensure that they aren’t slacking, ironically it will actually boost morale in the workplace. Some of the biggest causes of disputes in the workplace are discrepancies relating to expenses and how time has been spent. Either an employee may struggle to claim back expenses, for example food, travel, accommodation relating to work they were carrying out on behalf of their employer. Or employers may find that employees have overspent and have taken liberties when it comes to claiming back business expenses. By using a business expense tracker, everybody knows exactly where they stand when claiming for/reimbursing expenses, which means that there are no nasty surprises and no disgruntled employees/employers as a result.
It is so easy to use
Technology in the workplace is not to be feared, it is to be embraced. Okay, sure, we know that getting used to it at first is a little tricky but once you’ve got the hang of using technology at work, it can make life so much easier for everybody around. Using time tracking software with business expense tracking capabilities is so simple to do. You can easily log expenses and monitor exactly how much is being spent on various jobs, employees, type of expenses, and departments. The fact that it is so user-friendly means that it frees up more time for you, so you can focus on running your business instead of trying to get your books to balance.
More accurate billing
Ever had a new client approach you with a new prospective job and you literally have no idea how much to bill them for? If so, then welcome to the world of business. The last thing you want to do is overcharge a new client for a job that would actually have taken you far less time and effort than you initially envisioned. This is a great way to tick off new buyers and it’s a great way to ensure that they become one-off buyers, rather than returning and regular clients. If you use a business expense tracker integrated with your timesheet software, you get a better overview of exactly how much work will be required, how much time it will take, potential expenses to be accrued, and how much you should bill for. This more accurate method of billing helps you to streamline your business and it helps to ensure that you don’t overcharge clients, or undercharge for the services and work you and your workforce have provided.
Improved financial awareness
Finally, perhaps the biggest benefit of all when it comes to using a time tracking solution with support for business expense tracking, is the fact that it will provide you with improved financial awareness. As you can tell from the name, a business expense tracker is primarily designed to help you keep track of expenses regarding your business. It takes all of the guesswork out of the equation so you can get a precise and accurate overview of what you’re making, what you’re spending, where the money is coming from, and where it’s going. Having this improved financial awareness means that you don’t need to spend hours going over the accounts, reading bank statements and invoices looking for a misplaced sum of money because your books won’t balance, only to find hours later that one of your employees had to pay for mileage and hotel stay related to a client job. With proper expense reporting, you can see everything on screen as clear as day, so you know where every single penny is going. When running a business, this in itself is a massive benefit.
As you can see, there are many benefits to be had from implementing time tracking software complete with business expense tracking. If you’re looking to get a grip on your business’ finances and make life easier in the process, this software is surely something you can’t afford to pass up on.
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