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Top Tips for Optimising Expense Tracking with myBiz
Are you looking to optimise your expense tracking process? Manual expense tracking can be time-consuming and confusing. But, with myBiz, you can enjoy better financial control and efficiency. Read this blog for simple tips to help you make the most of the myBiz features and reach your financial goals faster!
Businesses that keep track of expenses and optimise the process are able to reach financial stability quickly. Expense tracking is simply keeping an eye on and noting down all the monetary transactions and costs a person or a business has. This includes keeping track of every expense, including purchases, payments and reimbursements, while also categorising them correctly for a well-managed financial record. Expense tracking helps businesses get valuable insights into their spending patterns and puts the business on track with its financial goals.
Let see how you can achieve that using myBiz!
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Optimising Expense Tracking with myBiz: Top Tips
Why do businesses need to keep an eye on their expenditure patterns? Let's look at the several reasons why tracking expenses is crucial -
- Budgeting: Tracking your spending helps you understand where your money goes. It allows you to create a budget that realistically fits your business operations. You can also spot where to cut costs or make better use of your funds, helping you manage your money more effectively.
- Financial Analysis: Keeping a close eye on your expenses provides an overview of your financial situation. You can see spending trends, track cash movements and find areas to either grow your money or save more. This financial synopsis shows whether your business is doing well financially or if it needs a more strategic approach.
- Tax Compliance: Keeping accurate expense records is crucial for tax filing. Business travel-related expenses can help decrease tax liability, resulting in higher savings. Therefore, it's essential to organize your travel expense records and keep them ready at the time of auditing and reporting. This reduces the risk of errors, multiple amendments, or missed opportunities for tax deductions.
- Expense Reimbursement: In the workplace, tracking your expenses is key for effortless reporting and quick reimbursements. Good record-keeping ensures that your reimbursement claims are valid, backed by receipts and compliant with company rules. This streamlines the process, preventing confusion or waiting periods.
- Fraud Prevention: Consistent monitoring of expenses is crucial in catching and stopping potential fraud. This early detection system strengthens financial security and protects the company's monetary health.
Overall, tracking expenses is great for financial planning and helps businesses allocate resources effectively and develop the right strategies for overall financial stability. An online expense tracking system like myBiz is useful in myriad ways. Let us explore the many ways in which it can help your company stay on track with expense reporting and tracking.
Expense Tracking with myBiz
myBiz by MakeMyTrip is a tool specially curated to handle all your business travel and expense needs. As the top choice for corporate travel in India, myBiz is committed to making business travel smarter and easier. It is equipped with several product features to help businesses not only book for their comprehensive travel needs but also easily oversee and control their expenses. The tool also comes in handy as a travel expense tracker for all business-related travel expenses.
Travel and expense are complimentary, and myBiz supports multiple mechanisms to provide integrated T&E. Its expense management tool, myClaims, is a single product to vertically integrate travel and expense. This one-stop platform therefore streamlines expense management, provides financial clarity and boosts operational efficiency by:
- Ensuring seamless bookings and approval workflows
- Effortless expense recording and validation via attached invoices
- Instant expense approvals.
- Real-time tracking overall expenditure online
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5 Ways to Optimise Business Expense Tracking with myBiz
Let's look at how you can use myBiz to optimise your expenses and achieve your financial goals -
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Configure Your Company Policies with an Easy-to-seek Approval Process on myBiz
You can set up company policies on myBiz to outline how expense approvals should be handled. This way, all expenses get checked and approved quickly. This method encourages everyone to follow the rules and helps prevent any possible misuse or dishonest behaviour. With clear rules and a set approval system on myBiz, companies can boost openness, cut down on errors and ward off fraud. This helps to ensure spending is properly checked, matches business goals and adheres to laws and regulations.
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Set up Category-wise Policy Integration for Granular Control
With myBiz's category-wise policy integration, companies have the power to personalise the approval steps for different expense categories. This means more precise control since the right people can check each expense according to specific rules. For example, a department may require a simple supervisor approval for domestic travel costs, while a more complex approval matrix may be needed for international travel. This tailored approach improves speed, accuracy and adherence to rules when keeping track of expenses.
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Make Use of T&E Form Settings
Keeping track of each employee's spending requests can get pretty tough, especially when there are a lot of employees and transactions involved. With myBiz, which works great as a trip expense tracker, you can use the Travel and Expense Form Settings to make special alphanumeric codes for every expense request an employee makes. The unique code makes it easier to find, refer to, and arrange expense records in the system. It also gives businesses a clearer overview and more control over how they track expenses, which makes reporting and analysing more precise. Plus, these unique codes keep the data accurate and help avoid any mix-ups or double-ups in managing expenses.
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Easy-to-download Expense Report Format
With myBiz, you can easily download your expense reports as .csv files. This feature makes it a breeze to blend your data with your accounting software, making your expense reconciliation and financial reporting tasks more precise and straightforward. The standardised structure of the .csv file format is easy to understand, work with, and integrate with other software, which speeds up your expense management. Plus, having your expense reports in .csv format lets your business perform detailed analysis, track how you're spending and make efficient decisions based on your financial data.
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Overview of Expenses on the myBiz Dashboard
The myBiz dashboard shows all your expenses in one place, making it easy for businesses to keep an eye on their budgets. When businesses regularly check this dashboard, they can spot where money is being spent, see how much of the budget has been used and quickly fix any budgetary leakages. This instant access makes it easier for businesses to make smart choices, change how much they're spending if required and manage their money better. Also, the centralised view ensures that all stakeholders can access the same information, which helps everyone work together and stay on track with their budget goals.
Essentially, using myBiz as an expense tracker for small business needs or for bigger organisations helps them keep track of expenses efficiently. By tailoring company policies, setting up category-wise policies, making good use of T&E Form Settings, managing expense reports and regularly checking the dashboard, myBiz can help make your expense tracking more efficient.. So, start using these tips today to see how much smoother expense tracking with myBiz can be!
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Frequently Asked Questions
Q1. What is a key advantage of using a digital expense tracker?
Ans. Using a digital expense tracker makes managing expenses easier and more accurate. It gets rid of manual data entry, lowers the chance of mistakes, gives you live updates on expenses, automates tasks and simplifies the whole process of expense tracking.
Q2. What is the functionality of an expense tracker?
Ans. An expense tracker takes note of your expenses, sorts them into categories, and creates reports on your spending. A business expense tracker helps you set and manage budgets and understand your spending habits better with instant insights. Additionally, it makes it easier to approve expenses and get reimbursements.
Q3. What is the objective of expense tracking?
Ans. Expense tracking is all about keeping an eye on how individuals or businesses spend their money. This helps to understand spending habits, plan budget wisely, spot opportunities of saving money, and make smart choices for good money management and control.
Q4. What is the difference between expense tracking and budgeting?
Ans. Expense tracking is about keeping an eye on what you spend and sorting these expenses into different categories. On the other hand, budgeting is about creating financial goals and allocating funds to accommodate these goals. In simpler terms, expense tracking looks at what you've spent in the past, while budgeting helps you plan for what you intend to spend in the future based on certain goals.
Related Blogs:
- • What is Corporate Travel? Understanding the Basics with myBiz!
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- • 10 Trip Management Tips for Successful Business Travel
- • Business Travel and Managing Stress in 5 Easy Steps!
- • 7 Powerful Business Travel Tips for Corporate Travellers
- • Corporate Travel Management - An Ultimate Guide for Business Travel
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Case Studies
myBiz powers many of the small, medium & large size organisations to help them save on their travel budget and achieve more from their business travels. Read interesting stories from these organisations.
Sattva Consulting, Delhi
Bajaj Finserv, Bangalore