Why is cash flow important? It is the vein that keeps your business running smoothly and makes you stay on top of profits and losses.
It is of utmost importance to keep track of your business cash flow and find ways to improve it. So it’s crucial to understand what your cash flow is and how to calculate it.
Businesses only pay attention to increasing their cash inflow, often forgetting to monitor expenses carefully. If you notice that your expenses are growing faster than sales, maybe it’s time that you start monitoring expenses more closely. This way, you can maximize your chances of business success by being less likely to fall foul of any nasty surprises.
It’s easy for employees to overspend or lose track of their spending without the right processes and monitoring in place, which is why businesses need to set budgets and realistic spending rules for each employee in order to maintain control of the cash flow. Unfortunately, it is not possible to do this by merely using normal company cards or by expecting employees to claim back expenses.
This is why Expend allows you to set spending policies across all employee cards and gives you the ability to monitor employees’ expenses as they happen. These features support modern businesses and provide full oversight of spending all in one place.
Ever wondered where some of your transactions have gone or spent most of your time trying to figure out the pending transactions? For example, if you use a credit card or American Express, the payment might not be captured right away in the system and it will take a couple of days to show up in your statement. Some banks clearly state that contactless payments can take up to 3 days to complete, compared to chip and pin which normally clears the same day. Pending transations, refunds and pre-authorisation amounts being held by hotels etc. are definitely the blind spots in traditional bank statements and a roadblock for managing the cash flow effectively.
Expend records both employee spending and other expenses simultaneously, gathering all the information in one place. Additionally, employees can even add additional information to support their transactions by adding any receipts and notes through the Expend app. As soon as the employee has submitted for approval, the business has full visibility of reimbursable expenses, the approval process and how much is owed to employees instantly.
Not only can Expend keep your cash flow healthy but also, prompt reimbursements will keep your team happy since there is far less chasing down about expense reports they perhaps filed over a month ago.
Preparing expense reports can be a daunting task for anyone! A recent statistics about businesses showed that 31% of employees spend most of their time on preparing expenses, taking up an average of 20 mins. With Expend, you can now improve your administrative efficiency and cash flow predictions, by simply using our seamless integration of expense report with your accounting software.
Finance teams can take this even further by linking with other cash flow management tools such as Float, Fluidly and Furtri. By providing these tools with even better and more reliable data, these tools can do an even better job as they are only as good as they data that is provided to them. So you can better manage your cash flow and focus on your business’s success!
Expend offers real-time click-free integrations with Xero, QuickBooks and supports exports for most other accounting software.
Try Expend free for a month and see first hand how we can help you with better cash flow and expense management.