Go Beyond General Ledger and Accounting Software
Income minus expense equals profit. Business seems that easy in Accounting class… but then all of the variances start to appear in real-world business. And that’s when you realize that within the “expense” column, there are layers upon layers of categories.
Don’t fret. ExpenseWire is a sophisticated online expense management system that can help you manage all of those categories of expense.
Looking at “expense type” is just the beginning. You can also look at currency conversion. For example, if you travel to a major client in London, the receipts will be listed in sterling. How many U.S. dollars did you actually spend on that trip versus what you estimated? An analysis of the currency conversion within ExpenseWire can help you figure it out.
Another example is spending violations. You can set up rules to say that employees should not spend more than US$200 a night on a hotel room. But in London, where the pound is higher than the dollar, two hundred bucks can barely get you a bunk in a backpacker’s hostel. By analyzing spending violations, you can figure out if the rule is right for all of your business or just certain segments.
To learn more about how to automate your expense management processes, schedule a free demo.