Besides having proof in the event of an audit, how does tracking expense receipts benefit you? At Beyond, our Expense Management Services not only simplify how you save your receipts but also help you use that information to make smarter business decisions. Let’s discuss how this service can enhance your company’s business strategy.
Upload
The biggest challenge with expense receipts is knowing where to store them. We take the guesswork out of receipt capture by training our clients to digitally upload their receipts. We make sure the process is straightforward, quick, and easy.
In most cases, a client needs only one training session to learn how to upload receipts. The expense management tool we use includes a mobile app and an email inbox, which allows our clients to capture their receipts on the go. We often tell our clients that if they can take a selfie, they can upload their receipts!
Whether you have 10 receipts or 100, we can efficiently record expenses in your books. Do you have multiple bank accounts or employee credit cards? Not a problem! We can take care of expense receipts for your entire team.
Categorize
Once the receipts are uploaded, we will review them to make sure that they are categorized to the correct expense account. Additionally, our expense management tool sends the receipts to your accounting system! So if you ever need to see the receipt in the future, it will be easy for you to find it.
Some clients have expense management needs that are more complicated than others. For example, a construction client may need to track their expense receipts by project. Other clients may purchase multiple items from a single vendor and need their expenses split by type. We can accommodate these unique situations and more.
Monitor
No receipt capture system is perfect, so regular monitoring is key to ensuring that expenses are recorded accurately.
Before setting up a client with expense management, we help them establish a company policy concerning receipts. What may that policy entail?
- Establishing a threshold amount where receipts are required
- Determining the type of expenses where receipts are required
- Building a workflow for identifying and capturing missing receipts
Our workflow for identifying missing receipts is consistent and effective. We regularly share with our clients a list of expenses that require a receipt according to their company policy. This allows them to follow up with their team for supporting documentation.
There are many benefits to monitoring expenses in this way. First, regular review of your expenses improves the ability to detect fraud or misuse of company funds. Receipts are your burden of proof; a lack of documentation can be an indication of an unauthorized expense or fraudulent activity.
Second, monitoring expenses regularly helps business owners make better decisions. For instance, if revenue is down during a certain cycle, but overhead costs are increasing, a business owner can take action to reduce expenses.
Interested in learning about our other services? Visit our Services page to learn how we can enhance your bookkeeping with our ongoing support.