Online expense tracking serves several important business needs.
- Any business whose employees make company purchases is already familiar with tracking expenses for employee reimbursement. Repaying employees is more efficient and accurate with online expense tracking.
- Tracking expenses for taxes can help business owners save money.
- Billing customers is more complete when businesses track project expenses. This data helps business owners make better business decisions. This is because it helps improve visibility into the real cost of projects, beyond just the cost of payroll.
Types of Project Expenses You Should Track
Whether items purchased for clients need to be billed out or whether that spending is already included in bill totals, tracking purchases made for client projects is critical for job costing. To get a clear picture of profit, you need to know not just what you’re billing out but what your overall cost is. Tracking spending against clients helps paint that picture.
Employees are usually the ones making the project-related purchases while they’re working, so employees will need to track the three types of ways they spend company money.
Company purchases fit into three categories. Purchases made:
- Using an employee’s own cash
- On a company issued card
- With a store account
How to Start Tracking Expenses
Tracking expenses against projects in a Timesheets.com account is the way to go because it’s easy and accurate. You’ll be able to run reports by project or client to see exactly how much spending was associated with each.
Our implementation specialists are always available to help set up this and other features!