Managing expenses for an entire organization can be a real challenge. Most CFOs and managers find it tedious and time consuming to go through the pile of expense reports that end up on their desk every two weeks or so.
The good news is that with technology you can simplify that problem. New apps as the one we have developed here at Keepek can do most of the heavy lifting for you.
Categories and Tags
A good mobile application is one that is flexible enough to adapt to your needs and not the opposite. For instance you should be able to create your own categories and tags. Good names will help your team understand what is required from them, which in return will simplify your life.
As a CFO or a business owner, it is crucial that you keep an eye on the taxes you are paying. That will help you correctly calculate the deductions you may be eligible to claim. Waiting until the end of the year to do that job can be painful and incredibly time consuming.
Keepek makes it easy for you to stay on top of your tax calculations as you go throughout the year. All you need to do is set up the tax you want to track. When a team member tries to record an expense, this field will be visible to them.
Now, the expense reports not only show all the business expenses, but also have all of your taxes tracked and ready to be submitted to your accountant at tax time. Isn’t that convinient!
For many CFOs, putting in place and actively enforcing a company expense policy is very important. The good news is that Keepek can help you with that. Again all you need to do is go to “Setting” and enable the “Expense Policy” feature.
The expense report will show you clearly if an expense is not supported with a receipt, if someone has recorded an expense that is superior to a threshold you have previously set, or if an expense is very old.
In sum, the web dashboard will give you the control you need to set the rules that best suit your company. Your employees will notice when they are violating your expense policy. That will give them a chance to correct their mistakes without you returning the report back to them.