Managing these employee reimbursements properly is also a way to save money. Expense tracking affects your employees as well, particularly when you reimburse them for their out-of-pocket business expenses, such as business meals, industry education, supplies for in-office or remote work, and travel costs.
When you don’t track expenses correctly, you can underestimate or overestimate your revenue - not to mention, you’ll miss out on deductibles during tax season and disrupt your cash flow. Tracking expenses is one of the keys to good budget management and profit growth. The same concept applies to your business. Tracking habits allows people to see how they can improve in different areas, including their spending.
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