Have you ever had a moment where you looked at your bank statement and said, “Well, I’m broke”? You’ve spent all your money without even realizing it, and next thing you know you’re wearing cardboard shoes and creating expense reports for quarters (or maybe that’s just me). If you don’t keep track of your business’ expenditures, it could end up the same way.
There are legitimate reasons to spend company money; for example, you have to purchase travel amenities, computer supplies, and fancy pens. It’s inevitable that some purchases are going to get forgotten about, or the receipt is going to get lost, or you’ll eventually just lose track of your expenses altogether. Not knowing much money your company is spending is bad simply for the fact that you should have control over things like that. Also worth considering are issues like overspending, audit troubles, and the possibility of fraud.
So, how do you keep track of these expenses?
You could hire a scribe to follow you around and make a record of every purchase you make, but it’s so hard to find a good scribe these days. Why don’t you just use your smart phone?
There are several expense tracking apps out there that’ll do just the trick. Expense tracking apps allow you to record expenses as they happen right from your smart phone; you can even save pictures of receipts you’re amassing. You can generate reports. Some of these apps even allow you to sync those expenses to QuickBooks.
Most importantly, apps allow you to become more efficient, technologically savvy, and aware of your company’s expenses.