Achieving better financial control over your business can help to eliminate those January blues
“Blue Monday” is the name given to the third Monday in January, which was identified as the most depressing day of the year. The concept was first published by Sky Travel in 2005, who claimed to have used a mathematical calculation to arrive at the date.
Business leaders around the world, who are striving for business success are also affected by January financial blues.
Business expenses play a very large part in financial success within a business, but there is one very large unknown entity which could be affecting your business more than you know – employee expenses. These can cause a headache for business leaders and employees alike, and can spiral out of control if left unchecked.
Manual expense management is not only a time consuming task for all involved, but also lacks the necessary visibility to allow for informed decisions. Manual checks present a linear picture of transactions, but do not provide the overall picture of which cost centres are draining resources out of the business. There is also the likelihood that your VAT reclaim is not as high as it could be due to insufficient evidence or errors associated with manual entry.
However there is some good news. The formula used to calculate “Blue Monday” also identifies this as the time that people want to take action and alleviate the those blues.
If you believe that expense management is an area of concern for your business, the first step is to regain control and understand where the money is being spent. The most effective way to do this is by automating the process. MyExpenses removes the errors associated with manual entry, and also provides extensive reporting for analysis of costs.
Streamline employee expense management
For more information and to find out what other benefits automated expense management has to offer, take a look at how to streamline your expenses process here.