The typical mindset when it comes to making a business succeed is to look at all the ways that a business can bring more clients, or sell more product, or get engaged on a higher frequency for the services offered. In other words, grow a business by growing the activity that a business specializes in. This is certainly an important and fundamental step making sure a business is healthy, but it’s not the only option, just the most obvious one. There are other ways to ensure your profits grow, and operational efficiency—like with your expense reports—is a less common, but no less effective choice.
You’re Spending Money Too
The old adage in business goes “you’ve got to spend money to make money,” and while it’s true, just how much money you actually spend to keep your business operating is direct drain on your profits and how much actual revenue is left at the end of a month, quarter or year. How profitable your business is, and all the sales you are making can still be seriously undermined by your operating costs. You don’t just need to grow your business, you need to make sure the way you run your business isn’t excessive or wasteful.
Expense reports are part of that process. Using strictly traditional, manual means, accounting for and reimbursing travel expenses can be a significant drain of both time and money for your staff. Without proper administration, it can even be a source of theft and fraud.
By automating this process with modern expense report software, you accomplish several things. You speed up the time it takes for expense reports to get processed, approved and reimbursed. You reduce the cost of that processing with an online, digital system. And you get accurate information about how travel and entertainment money is being spent, which makes your accounting more reliable, and even gives you good data for making far-reaching, long term operational decisions about your finances. All of that means that you actually keep your costs down, spend less money, and thus make more profit.