Is your business drowning in expenses, and you’re not quite sure where to start cutting them? We may not like to acknowledge it, but: budgeting is key to healthy cash flow and successful growth within your business. It is easy to push the budget boundaries, especially when operating a business that requires more than one staffer to have access to a the business credit card. Deadlines, meetings, and fast-paced operational requirements can lead to a lack of communication among management which could easily result in overspending on your business budget for client lunches, as one example. This is if your business doesn’t have a centralized tracking system to update business spending in real time.
If you’ve been relying on manual tracking methods, it may be even harder for your business to nab its spending.
Introducing a solution: Divvy expense management software
Divvy is an all-in-one expense management software solution, giving you the tech to help your business manage budgets and track expenses, all in one place.
An important part of budgeting involves aligning your business spending with the goals of your business. Once you have weighed in on all the factors negatively affecting your budget, Divvy can help you enforce those budgets and stay on track, by:
- Creating budget categories to customize the spend for different divisions of your business,
- Setting limits for different categories of spending to prevent employees from overspending,
- Providing real-time updates to budgets so that your employees aren’t in the dark about the remaining budgets per category.
Data security is a priority when it comes to financial software
While digital means of data tracking comes with a range of benefits that alleviate some of the stressors of manual methods, financial security is key for businesses that choose to implement automation for their financial expense tracking.
Because expense management software gains access to sensitive information like business credit card details and more, it is imperative that the software has tight built-in security controls. With Divvy, this is not a problem. The software allows you to create virtual cards tied to the active budgets set within your software profile that protects your original card data from breaches. The budgets you set are also fixed, which means that funds can’t be used unless it has been approved by the card user. This, in addition to the real-time transaction updates within the platform, offer tight controls against fraudulent transactions. Divvy is also set-up with multi-factor authentication which offers an added layer of protection for the sensitive information of your business.
Reduce the need for manual paper trail
Having to stay within a company budget on certain expenses is bad enough, but needing to manage the safekeeping of receipts to justify the spend is even worse. With Divvy, you can track the spending within your set budget, but also manage the admin with ease as it compiles automatic expense reports so that your team doesn’t have to.
What’s more is that Divvy can be integrated with your accounting software, like Quickbooks, meaning that all expenses run through the business cards linked to your Divvy account will automatically be synchronized to your books by integrating it with your accounting software.
Track expenses to get a better handle on your budget, automate your accounts payable processes and alleviate some of the accounting admin by using expense management software like Divvy.
At Fusion CPA, our accountants can have a look at your books to help you set budget goals aimed at reducing overall spend and set this software up to help you manage the process easily. We also manage bookkeeping and tax filing for various industries. Contact us for free business diagnostics.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.