Understanding the Top Challenges of Expense Management

At the macro level, there’s a lot affecting businesses when it comes to expense management. For example, international expansions and globalization are two elements that are influencing expense management, and also making these costs rise in many instances.

Expense management tips

According to the Global Business Travel Association, there will be an estimated four percent increase in costs this year, and businesses need to be prepared to address this general challenge, as well as many others.

One of the best ways to address most challenges of expense management is to choose the right expense report software. Along with keeping costs in check, the following are some of the other challenges businesses need to realize they’re likely facing, as they select expense management software.…

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3 Key Ways Your Small Business Can Save

Keeping down costs as much as possible without sacrificing quality is critical to any small business if it’s going to stay competitive, maintain a high customer satisfaction rate, and ultimately grow into a medium or even large-sized business somewhere down the road.

Business setup

Many small businesses these days can be run by only one or a few people, at least in their “infant stage,” and sometimes can even be run entirely from a home office with no physical business property.

But no matter how minimalistic your business may be, there are three areas you probably can’t do without: a quality business phone system, a good website hosting service, and fast, affordable shipping.…

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5 Business Expenses a Startup can do Without

It can be so easy to get carried away during the initial phases of setting up your own business, but it’s vital that you keep your head. Many new company owners waste thousands that they haven’t earnt yet on illogical expenses, so here are just a handful that you should avoid.

Fancy business car

1. Extravagant “image” purchases

The last thing you should be spending your money on is a fancy suit or designer watch; you can certainly get a smart-looking, good quality suit to match whatever your budget is. As long as you look professional, your client won’t know or care where your clothes are from.…

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Limit Expenses as an SME – 5 Actionable Points

As an SME it’s easy to rack up more expenses than what you are generating in revenue. Spending on suppliers, vendors, employee perks and taxes can get out of hand in the blink of an eye unless carefully planned. But there are several ways to limit expenditures that, by focusing on improving efficiency, can even make a company more profitable.

Cutting bills

Palletise large shipments

If you are shipping goods as part of your basic, regular practice, how you do so is a crucial factor in your business’s operations. It goes without saying that a reliable pallet courier that offers competitive prices and excellent service should be used.…

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6 Money-Drainers of Small Businesses (and How to Overcome Them)

Is your business seeping cash for no reason? Some expenses are like a dripping faucet: you know it’s there, but it seems insignificant, so you let it go on too long. Others are more like a broken pipe underground, well-hidden but causing massive damage. Here are some places to check for financial leaks so you can stop your biggest money-drainers.

Leakage in your small business finances

Watch Your Staffing Costs

Staffing is a massive cost for most small businesses and a huge area of waste. Underperformers must be replaced quickly, because they prevent you from hiring excellent staff who could be moving your company forward. As your company grows and changes, your staffing needs will rapidly change.…

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