Home topics small-business-resources general Accounting Finance General Accounting A guide to managing expenses for small businesses Loren Webb April 8, 2019 Managing expenses is a common headache for managers and finance teams, who often need to sort through hundreds of receipts, invoices, pay cheques, and reimbursement claims daily. Digitalisation has highlighted the flawed nature of traditional expense management practices, signalling that spreadsheets and paper document filing are insecure and error-prone. Small businesses should introduce simple technology systems to automatically manage and report on expenses, according to SAP Concur. Fabian Calle, general manager of SMB, ANZ, SAP Concur, said, “Small businesses often assume that, due to their size, low staff numbers, or income, investing in emerging technology isn’t necessary. However, new technologies and finance management systems are essential for any business, large or micro. Small businesses need to pay rent and electricity bills, manage supplier invoices, purchase maintenance products and, most importantly, manage changing budgets and incomes. “Slow-moving finance management processes prone to inaccuracies will hold small businesses back and limit their profit. Many small businesses physically file away receipts and payment data, and track numbers using spreadsheets. This can easily backfire if stored documents become damaged, lost, or stolen. And, if one or two units of data are incorrectly entered into a spreadsheet, this can throw off organisations’ abilities to predict income, needs, budgets, and growth strategies. It becomes critical for small businesses to consider how they can improve their expense management systems. Implementing new technologies can be quick, easy,