Expense software is usually based around travel expenses. After all, while the costs of travel pale when compared to major items like supplies, rent, wages, and salaries, they’re also the hardest to track since you don’t get the bills and invoices delivered directly to your home office. Instead, the employee has to collect receipts and hotel bills, compile them into a report, and then send it all in to get everything squared away. That’s a lot more effort than a direct delivery, so the extra software helps.
Still, expense software is a powerful tool, and there’s nothing stopping it from creating and analyzing reports for other kinds of expenses. For example:
- Corporate credit cards. Used for business trips, corporate cards can act as a kind of pre-approved spending limit and a way to track expenses by doing more than just gathering the receipts. But that’s not all a corporate card is good for: it’s also a quick way to get a short-term loan for business expenses like fixing a broken air conditioner, repairing a company truck or car, or making sure ends meet just before you secure a major contract or sale. An expense report can keep track of your credit’s ups and downs.
- Budget Overruns. When a project hits the limit of the money you gave it but needs to keep going, it becomes essential to track every last cent the project spends so that you can move it out of other budgets without letting any of them go into the red. For that, you need the ability to make an itemized list quickly and efficiently, and that’s something you can do with expense software.
- Shopping runs. When you operate a small business, stocking or replacing equipment and furniture in your office (or home office) is a very informal experience. While a big corporation with its own building or floor needs to buy 40 office chairs from an office chair supplier, a small business can buy the one or two chairs it needs from a big-box department store or an online retailer. Going on a shopping spree to create or expand your office space doesn’t qualify as a business trip, but expense software can make it easy to track and add up all the receipts you gather along the way.
Expense-tracking software exists to make it easier to file and approve business trip reports, but that’s not all it’s good for. With a little creativity and a mobile app that lets you take it anywhere, this software makes it easy to track any kind of expenses.