A guide to managing expenses for small businesses

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.