Business expense Management
Business expense management includes 5 stages:
1. Collect all expense and income transactions of the business:
- Import data from your bank using online banking or files
- Get data automatically via SMS banking
- Enter transactions using voice recognition
- Enter data manually from the home screen of your phone using widgets Learn more on widgets and how to install them
repeat this process for all means of payments you use: cash, bank account, credit cards, electronic wallets and gift cards
Separate business expenses from personal expenses
2. Data Improve:
- Make sure you didn't miss any transaction by checking the balance of each account
- Add more info on each transaction
- Refine categorization: Use 200 built in categories or add personal categories and sub categories learn more
- Add info on consumption - the exact period of time relevant for each transaction learn more
- Add photos of the products you bought
- Add pictures of the receipt, invoice or delivery note
- Add voice memos
- Add location
- Add info on payments if relevant (split to payments, interest info, linkage info)
- Connect transactions to projects (big activities like business trip or renovating the store/office) if relevant learn more
- If you have several partners in the business link transactions to partners if relevant learn more
3. Analyze your business financial condition:
- Pie chart of expense - how much you spend on salaries, raw materials, advertising etc
- Bar graph of your income and expenses: how do they change over time
- Drill down on each category to understand the sources of expense or income
- Check the graph of accumulated balance of all your accounts and make sure you will not go into overdraft
4. Improve plan:
- Get tips to save money.
- Make family meetings and discussions how to improve the financial situation
- Plan budget to cut expense and increases income
5. Check results:
- Compare the budget you planned with real expenses and real income
- Check the bar chart of expense over time and verify that the expenses are getting down
- Check the bar chart of income over time and verify that you earn more money
