managing expenses

Businesses Kiss Goodbye £8.72bn Managing Expenses

Businesses Kiss Goodbye £8.72bn Managing Expenses

UK small businesses kiss goodbye £8.72bn every year by just managing expenses, it’s been revealed on Valentine’s Day. A survey of 1,200 small firms, conducted by Soldo and YouGov, has revealed that employees who work for smaller enterprises spend just over four hours a week completing financial admin, including invoicing, accounting, expenses, budgeting and forecasting. While money can’t buy you love, the resources in real cash terms needed to complete the management of expenses actually equals billions of pounds. When respondents were asked to identify particular struggles, day to day cash flow management was signaled by 15% as being a significant problem – with the smaller the business, the more likely they’d struggle. Just last week, it was revealed that 35% of small firms waste t... »

Managing Expenses: How Expensive is Your Expense System?

Every business, be it a huge multinational or a small family-run tearoom, has expenses. From IT software to tea bags, any additional costs incurred by an employee have to be reimbursed. Are you managing them in the most effective way? Do you risk giving out credit cards or are you still expecting employees to find crumpled receipts at the bottom of handbags or jacket pockets every month? Simple petty cash systems are the most common method of paying for expenses, but having to dish out cash and then waiting for a receipt is a hassle; so companies usually move to a system of submitting monthly expenses which is also time-consuming and liable to mistakes. This system means that employees are using their own funds and have to wait until the end of the month to submit expenses, and then even l... »