Are you still relying on traditional methods to track your expenses? With the increasing popularity of digital expense tracking software, businesses can now simplify their expense reporting and reduce the time spent manually logging expense details on spreadsheets. But how can you benefit from digital expense tracking?
Traditional vs. Digital
The most popular and reliable method for traditional expense tracking is spreadsheets. It’s quicker to type transactions and integrate different formulas into a spreadsheet to make the necessary calculations Compared to the old pen and paper. Another benefit is the ability to create visual reports, summarising the raw data and making it easier to digest. However, not everyone is well-versed in using spreadsheets. It can also get confusing and overwhelming when you’re logging multiple receipts & supplier Invoices.
Digital tracking offers a more convenient and efficient way to manage your expenses for less effort. By using an online platform or mobile app like Flexigrow, team members can take photos of receipts & Invoices generate a digital list of expenses, and categorise transactions in minutes. By being able to store all the receipts within Flexigrow it eliminates the need for hoarding paper receipts and manually entering data, saving you both time and reducing the risk of errors. Especially around tax time & EOFY.
Streamline expense reporting
Easier data management
Digital expense tracking improves the accuracy of your data by relying less on manual entry. Most spreadsheet users automate the categories and filters, which you can then customise to your liking. Filters can be set up in Spreadsheets, but the platform can be temperamental. So, besides human error, one wrong formula or accidental change can mess up the entire expense worksheet. Digital expense trackers are generally more accessible to the whole business and more accurate for a business and staff.
Automate reporting process
Spreadsheets can generate graphs and visual reports. The downside is that they may require more advanced and in-depth spreadsheet training & knowledge. Real-time updates can be trickier to generate. But with a digital expense tracking platform like Flexigrow, you will have the ability to automate the reporting process. It can convert raw data into real-time & up t the minute visual reports, This level of visibility and control can help businesses optimise their spending and improve overall financial management with better insights into spending habits of the business.
Promote transparency
With real-time updates in digital expense tracking, managers can monitor expenses more accurately, ensuring compliance with company policies and regulations. It also makes sharing information between teams much more accessible, reducing the risk of fraud and misuse and promoting a culture of accountability within the organisation.
Cost-saving-benefits
Digital expense tracking provides numerous cost-effective benefits that can revolutionise your financial management system. These include reducing time spent on admin work, improving spending control, enhancing compliance, and better financial forecasting. Digital expense tracking can help you focus on more productive tasks to grow your business.
Choosing the software for your business
The goal is to make your expense tracking process more efficient and manageable. So, before you commit to introducing new software to your finance processes, it’s important to conduct a testing phase. Try out different software or apps. Ask as many questions as possible until you’re 100% confident that your business’ needs will be met.
Start your journey to better finance management with Flexigrow’s Business Management, now available online and through our app. Digitise receipts and streamline expense reporting with ease. Sign up today and try the app free for 30 days—no credit card required. Discover how Flexgirow can push your business forward.
