How to Analyse Company Spending Easily

How to Analyse Company Spending Easily

As start-ups evolve into scale-ups there is the ever-present danger company spending will outstrip its income and all too often, the realization that

The ROI of Renovation: How Commercial Space Upgrades Benefit Your Business
Thinking About Selling Your Business? Here’s How You Can Stay As Calm, Prepared And Healthy During The Process As Possible
Pros & Cons Of WooCommerce And What 2024 Holds

As start-ups evolve into scale-ups there is the ever-present danger company spending will outstrip its income and all too often, the realization that this is the case, comes too late.  Fintech has transformed financial management in recent years, bringing with it speed, clarity and convenience and making it possible to know exactly what is going on with company finance as it happens.  There’s now a range of software out there which might just well be the salvation of your company.

Sage

This cloud-based platform can help your company manage accounting, finance, payroll and payments.  Companies can create a new bank account to record employees’ expenses or they can record the expense and liability by posting a journal.  Sage manages all the processes and documentation required for business payments: price quotes, estimates, statements and invoices.  It’s a fully functioning accounting system which you can access from your mobile.

Soldo

Soldo provides multi use spending accounts for businesses by means of its prepaid cards.  The prepaid cards can be issued to employees to use for their expenses and because the card is loaded with a specific sum there is no danger of an employee overspending.  As with other systems, employees can photograph receipts and upload them via the app and expenses can be exported into any other accounting system in just a couple of clicks.  For the employer the beauty of Soldo is that it provides a real time overview of employee spending via the ‘payment control dashboard’.  Employers can determine permissible daily spend and even impose limits on headings such as food and travel.  The cards are not linked to a bank account and so they cannot be hacked and if a card is lost or stolen it can be frozen without the need to freeze an entire account.

Xero

Xero is another small business accounting system which handles payroll, online invoicing, inventory, bank reconciliation, payments, expenses and a range of other services.  The mobile app enables employees to record company expenses on the go and employers to decline or approve payments to employees or bill the expenses directly to the customer.  Xero provides a real time and comprehensive overview of cash flow.

QuickBooks

QuickBooks connects to credit cards, bank accounts and PayPal, which means that you no longer have to worry about time consuming data entry.  The software can import and categorise employee expenses and can run reports, so you don’t have to. Also, the expenses can be recorded by uploading photos of receipts to the app, these are then sorted into categories and tracked.  This real time business overview is currently used by over 4.5 million small businesses.

COMMENTS