#expense management system

[trackolap]

[clikycrmsoftware]

Cliky - Expense Management System and Software

Take control of your business expenses effortlessly with Cliky's advanced Expense Management System and software. Track, analyze, and optimize spending for better financial health. Try it today!"

[pocket-size-cthulhu]

Not to be one of those adults but it's so funny how grown up things eventually start happening to you whether you think you're ready or not

I'm a gremlin, I wfh in my sweat pants, I think about anime in all my spare time. I had chicken nuggets for lunch today and I'm behind on my laundry. I tend to get overstimulated in the cereal aisle. But because I get on my computer every day and answer messages, my work doesn't know what to do without me and keeps giving me more money. 🤨 I didn't know I was capable of having a stable job for years but here I am?? They don't know how I live and don't care as long as I come to work and answer emails?? 🤨 How did this happen hahaha

[theygender]

Apparently my job incorrectly changed my state on my W4 without my knowledge or consent last year and now I owe a LOT of money in unpaid state taxes since they weren't withholding them from my paycheck like they were supposed to 😭

[prolibytherium]

Companies using """"""""AI"""""""" chatbots in place of customer service (usually with a veneer of pretending you are actually speaking to a real person, which might not be so immediately obvious to more tech illiterate people) pisses me off so bad because they are just SO fundamentally useless. The only information it can tell you is information more efficiently communicated with a FAQ page, and information that is Wrong because current chatbot technology is, in fact, not even slightly 'intelligent' and pretty damn bad at giving accurate answers to anything but the simplest questions.

Like there's no point to it besides hoping onto the flashy artificial 'intelligence' gimmick and paying for less customer service work hours, and so many companies will not only have this feature but make their actual customer service prohibitively difficult to find (and usually involving a labyrinth of automated phone menu systems that you have to navigate correctly in order to get to a person). Makes me want to kill.

[orcelito]

Worst thing about having taken business classes is that I see people complain about bullshit companies are pulling and a part of my brain goes "Oh, that's an effective tactic for cost reduction" or something around those lines. And then the part of my brain that is Not a wannabe businessman is just like "Bro."

[emmebearpaw]

not going to get over how yesterday at work I was told by my department lead, “if you guys need any help (we had someone call out and were thus Understaffed as hell), try asking the managers again. They didn’t send anyone earlier but they might now” and well we were looking like we were going to fall behind so I called over the radio,

“Hey can we get any help to the in store shopping department?” I then had to run out to go bring out an order so it’s possible I missed it but as far as I am aware I got no response.

5-10 frustrating minutes later, I’m on the verge of crying but have sort of pulled it together and ask over the radio yet again, “Can we please get any help to the in store shopping department?”, clearly verbally frustrated but like hey.

anyways cut to 30 seconds later when the store manager storms into our back room and says. And I’m not kidding. “Asking again over the radio but more frustrated isn’t going to get you anyone to help. We don’t have anyone to spare until the closer comes in at 3pm (it’s like. 2pm. For some reason we have anyone in any other department cross train to be able to help so it’s just the managers that help..) interrupt him and say “the closer comes in at 4.” because our closer comes in at 4pm. He then explains with a huff that he means another manager and maybe josh (another manager) could come in an hour to help.

Anyways Josh walks in not 20 seconds later and starts getting ready to help us.

Hey. Hey Chris? You were just straight up wrong. Not only is being verbally frustrated over the radio a great way to get someone to WALK OVER WITH THEIR HUMAN LEGS AND VERBALLY RESPOND instead of just not saying anything, it literally got us help faster.

[thedeviljudges]

got approved for a rental house and will finally be able to move out of this god awful apartment, but the whole process makes me so angry. like moving costs alone are expensive but it’s also all of the unnecessary added fees they tack on. the concert ticket thing is the big discussion but housing application fees? convenience fees for processing a card? like anything extra they can squeeze out of you on top of too expensive rent it’s fucking insane. people can barely (not really) even afford 3x rent, and it’s getting to the point that you need three incomes just to afford one place. like this whole process has made me so angry, and i’ve been angry about it for a long time, of course. but also just looking around and seeing just how many houses are for rent, that aren’t going toward families bc these investors and venture capitalists continue to buy up houses. i genuinely want to know how any of this is going to be sustainable, even within the next three-to-five years.

[trackolap]

How to Select the Best Expense Management Software for Your Field Sales Operations?

In a fast-paced business environment, wherein field sales teams tend to close deals on the road, managing expenses related to on-field sales may feel overwhelming. From marketing expenses and fuel usage to reimbursement, the costs of the field sales team can swiftly pile up if you fail to keep track of your sales workflows and seek updates from your team members. Though this process may feel tedious when tracking varied aspects manually, that’s where expense management software comes to your rescue! 

The expense management solution strives to streamline the process of tracking, submitting, and approving expenses occurring amid sales reps, fosters saving your time, and makes informed decisions at the right time with accuracy. But here’s the catch - how do you choose the best expense management software best suited to your field operations and other workflows? 

The critical answer lies in finding a suitable solution that simplifies your expense reporting process and aligns with the field sales team’s requirements. From automating expense submissions to offering real-time insights, your ideal expense management software must transform how you manage your field sales costs. 

Sounds interesting? This guide will explore detailed aspects organizations must consider when choosing the best expense management software. We will also walk you through a few benefits and features of this software to help you make accurate decisions for your sales efforts. 

Top Factors To Consider While Selecting an Expense Management Software

Before you begin evaluating varied expense management software to maximize your sales and marketing operations, you must consider a few factors to streamline sales workflows and deploy effective expense management. Let's examine these considerations in more detail. 

1. Automated Expense Management

The main reason for shifting to the best expense management software for organizations is to reduce time spent on manual expense data entry and avoid the occurrence of expense reporting tasks. 

In addition, automated tasks tend to be completed with minimum employee assistance and streamline the process of tracking, reporting, and managing field expenses - all under one roof! As a sales manager or higher authority, you must look for an expense management solution that includes capabilities such as schedule expense report generation, automated policy enforcement (wherein the system automatically flags non-compliant expenses in real-time), automated data entry direct from digital receipts, and more. 

Sounds too good to be true, isn’t it? These capabilities of expense reporting software will assist your organization in minimizing human errors in expense reports and enable field employees to invest their time in closing more deals, enhancing customer relationships, and transforming lead conversion rates. 

Furthermore, look for how expense reporting software can help you manage your overall operational spending. This means you must seek functionalities like a user-friendly interface to simplify navigation and adoption rates for submitting reports for employees and streamline the process of tracking expenses, generating reports, and making informed decisions for managers.

2. Scalability and Flexibility with Expense Management

As your business grows over time, the requirements for expense and financial operations for your field sales team will also change. This is why it is essential to select expense management software that can help you expand your company and evaluate various aspects according to your objectives. 

Additionally, scalability refers to the capacity of an expense management solution to accommodate high volumes of expenses or receipts as the business expands. This approach typically includes managing multiple users or employees, tracking a more significant number of expense categories, managing many transactions, and more. 

By selecting scalable expense management software, your organization would not have to pay for expensive systems or rely on repetitive, tedious updates. Instead, install this software upfront and continue your business with flexibility. 

3. Robust Reporting and Analytics Functionality

Features like reporting and analytics in your expense reporting software can simplify turning unprocessed raw data into valuable and actionable insights, enabling informed decisions at the right time. 

In addition, a robust expense management solution must provide adaptable and user-friendly reporting features to allow businesses to track and analyze varied aspects of an organization's spending. This approach typically includes generating comprehensive reports that break down field sales expenses by categories, per employee, department, trend analysis, and more to detect common patterns in spending and identify opportunities to save money and drive growth simultaneously. 

Moreover, in-depth insights from expense reporting software can be acquired by accessing advanced analytics functionality, which also helps identify potential fraud, outliers in expense data, and areas where you have been spending more than needed. 

4. Integration with Your Financial System

While evaluating the ideal expense management solution, ensure it easily integrates with your existing financial system. This includes synchronization with accounting and payroll platforms that you utilize in your regular workflows. 

This integration will reduce the effort of manually transferring data and errors linked with smooth data flow between systems. By optimizing financial and expense management procedures, you can maintain financial records with consistent financial data across platforms to avoid disruption in field sales workflows. 

By streamlining accurate data in one platform, businesses can get a clear picture of overall financial aspects. This will help you make precise resource allocation decisions, determine the budget for diverse campaigns, streamline reimbursements and payroll procedures, and effectively save money by identifying common patterns via expense management software. 

5. Seamless User Experience and Adoption Rates

While selecting spending management software, ensure its interface is user-friendly, and easy to navigate for managers and employees. Looking for this feature is essential, as it minimizes the need for training field sales teams and enhances efficiency at the same time. Enhanced user experiences will speed up the expense submission process via mobile app and simplify scanning receipts and evaluating data for managers. 

Benefits of Leveraging Expense Management System

Expense management tools can optimize the lives of field sales teams. Yes, you heard it right! By automating tracking , submitting, approving, evaluating, and managing expenses, this tool frees up valuable time for your field employees to focus on establishing meaningful relationships with new and existing customers and closing more deals. 

Moreover, expense management offers real-time insights into your organization’s spending habits, helping you plan budgets adequately and focus on cost control. Let’s dive deeper to explore the benefits of incorporating expense management systems in your field sales operations. 

Benefits

Time-saving

Automates the process of tracking and reporting expenses of field sales operations, and minimizes administrative burden

Compliance

Make sure adherence to your company’s policies and tax regulations while managing budgeting and expenses

Accuracy

Reduces errors in expense data entry, and streamlines evaluation, reporting process

Improved reimbursement process

Optimizes approval of digital receipts and payment process, which reduces delays and enhances employee satisfaction

Cost control

Allows businesses to plan effective budget and identify opportunities for saving cost effectively

Visibility

Offers insights into spending patterns of field sales teams, common trends in real-time

Must-Have Features To Look Out in an Expense Management Software

Expense management software has become an essential solution for field sales teams by optimizing procedures and ensuring accurate financial tracking and management. However, when selecting your ideal software, it is important for businesses to prioritize features that meet your field sales requirements. 

1. Mobile Accessibility

Since field sales teams work nature is mobile and remote, they require software that provides effortless accessibility and functions on tablets and smartphones. As a sales manager, when you prioritize an expense management system, make sure it is user-friendly and includes functions like easy expense entry, photo uploads, and synchronization of expense data with a central database option.

2. GPS Tracking and Geolocation

To verify expense claims and ensure that the field sales team adheres to company policies, managers can autonomously capture location data and gather evidence of where expenses were incurred by selecting a spending management system incorporating a GPS tracking feature.

3. Policy Compliance and Alerts

Field sales teams often work under stringent expense policies, so when prioritizing software, make sure to choose features that enforce compliance aspects like predefined expense categories, expense limits, approval thresholds, and more. Moreover, this software must automate notifying employees and managers when expenses exceed the limit or when non-compliance issues occur. 

4. Real-Time Visibility

Real-time visibility into expense data enables field sales managers to effectively manage overall expenses and enforce controls whenever required. The expense management tool must provide centralized dashboards and reports with updated insights into spending trends, budget utilization, policy compliance, and more. This approach will empower sales managers to make better decisions and identify suitable opportunities to cut costs, and save money. 

5. Advanced Field Expense Reporting

A comprehensive reporting feature for expense management can help you analyze varied expenses, detect trends, and make data-driven decisions promptly. Select software that provides customizable reports like expense summaries, compliance evaluations, and budget comparisons. 

Final Thoughts

When you choose your ideal expense management software for field sales workflows, prioritize solutions that provide real-time expense tracking, integration with your existing platform, mobile accessibility, and more. These core features will enable you to optimize the expense reporting procedure, allowing the field sales team added flexibility to manage expenses on the go and drive efficiency simultaneously. 

Additionally, make sure the software offers advanced reporting and analytics functions to enforce robust controls over spending and enhance financial transparency. If you want to learn more about TrackOlap’s expense management feature, contact our team today or schedule a demo call right away !

[adharastarlight]

Dear teachers setting work on microsoft, some of us cannot afford this!!!! please use accessible programmes, like google's equivalents for instance

[foldingfittedsheets]

Mattresses, unbeknownst to many, are a lot like cars. Every year new ones roll out, they’re always tweaking and innovating and you’ll never find the same one you loved decades ago when buying a new one.

Where I sold mattresses had a three month return or exchange program for this reason. New beds take a while to break in, and they’re a big expense. Your body is used to the old one. So we made sure people were loving it. If a bed got returned we’d take it back, sanitize and clean it, then sell it again on clearance.

To sell these we always had to disclose what clearance meant to customers, and they had to sign that they knew what they were getting. (FYI, not every company is as… forthright about the used bed situation)

In clearance we had beds that were floor models, we had returns, and more rarely we had old models whose line had been discontinued. These clearance beds were always final sale, so a bed could only be sold twice.

Now, the manager at the store I was working at had realized a vital fact. Clearance beds in the warehouse didn’t sell, especially old models that salespeople weren’t familiar with. And even more especially in odd sizes, like twin extra longs. So he set up a split king on the showroom floor to exhibit clearance beds, pulling all those forgotten twin extra longs out onto the showroom.

Almost all of these were brand new discontinued models. Beds I’d never learned in training were exhumed to be displayed. The manufacturers had moved on to new lines and they’d been left behind. Why would he take such in interest in selling old stock, you might wonder? Because we made double commission on the sales margin of clearance beds, and if we’d had a bed long enough they dropped the cost in the system so it was a fucking cash cow to sell these. Even with huge discounts the commissions were wonderful so it was a win win.

When I got started I was jazzed about this program, I was so on board to sell weird old brand new beds and make a ton of money. I had a wonderful older couple come in, looking for a split king adjustable set. This was a white whale sale.

The current clearance models on the floor were a latex mattress that was brand new despite being of an age to start first grade, and a tempurpedic floor model. The couple laid down and it was like magic. They each loved the bed they’d laid down on. They wanted to buy the whole shebang.

I. Was. Thrilled. I told them about the clearance program and what that meant, and they weren’t bothered in the least. I wrote up the sale then dashed into the back, fizzing with excitement to tell my manager what I’d done.

“You sold the death bed?!” He asked in delight.

I pulled up short, my smile freezing in place. “What…?”

“Didn’t you check the notes?”

I hesitated for a long beat then slowly shook my head. You see, dear reader, all beds had a personal history. Every clearance bed had logs written up by the person who took the return, as well as warehouse crew after sanitizing. It helped us know what to expect when selling them. “Wasn’t it just a floor model? You said it was a floor model…”

He slowly shook his head. I checked the notes.

It turned out, it had been sold as a floor model. The first time. But the company had made an exception and taken it back as a return two months later. Why? Because it’s owner had passed away.

I stared at the computer in horror and my manager shrugged. “They signed the clearance form. Technically it was a floor model.”

“We know for a fact that a man died in that bed!”

“What they don’t know can’t haunt them,” he said philosophically.

The man came back a week later for more sheets, utterly delighted to tell me how well they were sleeping. I clamped my teeth down around the secret of the deathbed, choosing to let them love their new bed without the stigma. Only one person would be haunted by that deathbed, and it was me.

[thepresence360]

[batsbaby]

Wish my mom didn’t pawn my 3ds (twice after I bought a new one when she pawned the first) cuz I want to play Pokémon while I’m stuck in bed but don’t have any of the games for the switch

[flexiele]

With FlexiEle HRMS record and monitor the leave pattern of the employees to maintain efficiency and reduce time loss. 

[haeywaa]

Understanding Petty Cash Expenses: A Guide for Small Businesses

Petty cash expenses refer to the small, everyday expenses incurred by a business that are typically paid out of a petty cash fund. This fund is a small amount of cash kept on hand for minor purchases or reimbursements, making it easier to manage and track small transactions without the need for formal accounting processes for each one. Proper management of petty cash is essential for maintaining accurate financial records and ensuring that these small expenses do not go unchecked. This guide will help you understand the importance, management, and tracking of Petty cash expenses in a small business setting.

Importance of Petty Cash

Convenience:

Petty cash provides a convenient way to handle minor expenses without going through the hassle of writing checks or processing electronic payments for every small transaction.

Efficiency:

It streamlines the process of making small purchases, such as office supplies, postage, or employee reimbursements, saving time and reducing administrative workload.

Control:

Having a petty cash fund allows for better control and monitoring of small, frequent expenses, ensuring they are recorded and accounted for correctly.

Common Petty Cash Expenses

Office Supplies:

Items like pens, paper, staplers, and other small office necessities.

Postage and Courier Services:

Costs associated with mailing letters, packages, or documents.

Employee Reimbursements:

Minor expenses incurred by employees that need to be reimbursed, such as travel fares or meal allowances.

Refreshments:

Small expenditures for office snacks, coffee, or tea.

Miscellaneous:

Any other small, irregular expenses that do not warrant a formal payment process.

Managing Petty Cash

Establish a Petty Cash Fund:

Decide on an appropriate amount for your petty cash fund based on your business needs. This amount should be sufficient to cover small expenses but not so large that it becomes difficult to manage.

Appoint a Custodian:

Assign a responsible individual to manage the petty cash fund. This person will be responsible for disbursing cash, keeping records, and ensuring the fund is balanced.

Set Policies and Procedures:

Develop clear policies for what can be purchased with petty cash, the maximum amount for individual transactions, and the process for documenting and approving expenses.

Record Keeping:

Maintain a petty cash log or ledger to record each transaction. The log should include details such as the date, amount, purpose, and the person receiving the cash. Require receipts for all disbursements to support the entries in the log.

Reconciliation:

Regularly reconcile the petty cash fund to ensure that the total amount of cash on hand plus the recorded expenses equals the original amount of the fund. This should be done monthly or whenever the fund is replenished.

Replenishment:

When the petty cash fund is low, replenish it by writing a check or making an electronic transfer for the amount spent. Ensure that all expenses are recorded before replenishment.

Benefits of Proper Petty Cash Management

Accurate Financial Records:

Proper management and documentation of petty cash expenses ensure that all business expenses are recorded accurately, contributing to reliable financial statements.

Prevention of Fraud:

Regular reconciliation and clear policies help prevent misuse or misappropriation of funds.

Budget Control:

Tracking petty cash expenses helps businesses monitor and control small expenditures, preventing them from adding up and impacting the overall budget.

Tax Compliance:

Proper documentation and recording of expenses ensure compliance with tax regulations and make it easier to claim deductions where applicable.

Conclusion

Petty cash expenses, though small, play a significant role in the day-to-day operations of a business. Effective management of petty cash funds ensures that these minor expenses are tracked, recorded, and controlled, contributing to overall financial health and operational efficiency. By establishing clear policies, maintaining accurate records, and regularly reconciling the fund, businesses can ensure that petty cash is used appropriately and effectively. Whether you run a small business or a larger enterprise, understanding and managing petty cash expenses is essential for smooth financial operations.

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