Expenses The Problem With The Manual Approach
When we think of someone tackling their expenses, we tend to think of a worried-looking individual up to their elbows in receipts, hopelessly trying to match dates to engagements and drowning in highlighter pen or their eyes crossed staring at an Excel spreadsheet. But even though technology has all but removed the need for manual expenses, there are a surprisingly high number of people who put themselves through the trauma on a regular basis.
Still one of the strongest arguments for the manual approach is that it helps you to be more aware of exactly how much you’re spending. And for some people, this really can be a helpful thing. Although it might be obvious to most of us that spending £5 on lunch every day will cost you £100 over the course of a month, seeing it all spelled out in front of you does help it to hit home. However, in this day and age, it’s a somewhat dated approach.
Nowadays, there are a plethora of apps and software packages specifically designed to help you keep track of your spending. Whichever you use, it’s now easy to split up and categorise all of your expenses, so you can tell where your money is going at a glance. So even if you feel like you enjoy the control that manual expenses offer, you may well find that automated solutions offer exactly the same benefits.
But if manual expenses are working for you, why should you change? Actually, there are several reasons. One of the main issues with the manual approach is the room for human error. Whether it’s entering data incorrectly or losing a receipt, there are all sorts of mistakes that you might make. On top of that, manual expenses impose physical limitations. For example, say you’re out for a meeting and decide on an impromptu business lunch. You’ll need to remember to keep the receipt until you can file it in your office, then log on to your computer to enter the expense.
Unfortunately, the deadline for doing your expenses often comes at the same time as other monthly deadlines, completing a report for the board or a pitch to a client will always trump doing expenses. So expenses are 'the thing' that's often rushed last minute, late at night and that's another time when errors can creep in.
Today, we live in an age where everything can be done from our mobile phones, and manual expenses just aren’t compatible with our connected lives. Luckily, it’s easy to make the move to an automated solution and discover an easy, hassle-free way to manage your expenses. Read our interview on the advantages of doing expenses with an Expend card vs a standard company card
Take our Expend app, for example. All you need to do is make a transaction via our new Expend Flex card or classic card and snap a picture of the receipt. And that’s it! All of the data can then be synced with your accounting software, doing away with the need for piles of receipts and manual data entry completely.
Fed up with the manual approach? Have a look at all of our amazing expense management features and see what a difference Expend can make to your business. But don't worry... if you really really must, you can always download your automated expenses in CSV format and play with them in Excel.