Two Practices to Implement NOW That Save Your Company $$$
Whether you’re just starting your company or a decade into leading your organization, these SIMPLE practices can save you money…and time! In fact, they are two of the first processes we help our clients put into place. At Coveted Financial we are always improving the financial health of our client’s businesses with innovative, tech-savvy procedures and we want you to benefit from them too!
Automate employee expenses and reporting
If your organization uses corporate credit cards a quick call to your bank or credit card company can set spending limits and categories - such as fuel, office supplies, travel, and dining - on each card. Furthermore, most corporate cards have automated reporting functionality so that owners can track information and forecast better. Several cloud based solutions are also available with great functionality, such as Brex. Not only does Brex allow for individual employee limitations, the software uses text messaging for employees to upload receipts to corporate dashboards and limits the hassle and time spent on individual expense reports. Most cloud based solutions, like Brex, integrate seamlessly with QuickBooks, Xero, and other accounting softwares.
If your firm has employees use their personal card, we encourage the use of a cloud based expense reporting tool like Zoho Expense. With a variety of subscriptions available, companies can customize the functionality to their needs. Overall, the system will help cut down the time spent on creating and approving expense reports.
Match payment due dates to your cashflow
On that same call to your credit card company when setting up employee card spending limits, we encourage inquiring about statement cycles and end dates. Most credit card companies will oblige and all for cards to close on a certain day of the month, rather than whatever day it was opened. Coveted Financial encourages clients to have all credit cards, and possibly bank loans close their cycle on the same day of the month for two reasons: first, it’s harder to miss a payment when all of the payables are due on the same date, and two, you can customize it to your cashflow.
Some businesses know that their accounts receivable will generate more income in the middle of the month. By setting payables due a week after, you’ll limit the stress that comes with inadequate cashflow. If your business’s income is harder to predict month-to-month, choose a due date that falls outside payroll. For instance if you pay employees monthly on the 1st, try setting your credit card due dates for the 15th every month to best spread expenses.
At Coveted Financial we work with our clients each month keep their companies financial health in the best shape possible. If you’re looking for a “trainer” for your business, give us a call for a no-obligation meeting! We’ll talk about your goals, the current status of your financial health, and even a couple more simple implementations you can quickly do for the benefit of your company!