Expense reports are important especially for small businesses because it is a way to track all the expenses incurred while performing job functions. Depending on the nature of your small business, this may include charges such as gas, meal provisions, travel expenses, and all the seemingly inane things you would otherwise dismiss as small and insignificant.
Some findings from the Concur Small Business Survey include:
- Expense reports are low on the priority list.
- It is time-consuming.
- Expense reports are largely manual.
- Expense reports add up.
You might say you simply don't have enough time or that the expenses are too minute, it probably wouldn't make that big a difference. Plus the fact that most employees do not have the patience or the know-how to make an expense report pose a challenge for small businesses that you need to address. Part of knowing whether your small business is actually generating income is to track your expenses, no matter how little or seemingly insignificant they are. It can be a pain for you and your employees but the meticulous documentation of your business' expenses would give you more control over your finances.