Team Happay
By: Team Happay
Published on: July 11, 2015

3 Expense Management Challenges for SME Owners and How to Solve Them

If you’re a small business owner, you know that there are a lot of challenges involved with ensuring that you’re able to build a successful venture. Small businesses are a vital part of the Indian economy, and offer a lot of rewards, but require an immense amount of hard work and dedication.

Expense management and financial stability are paramount to ensuring the survival and growth of your business, and here are 3 major problems every small business owner faces with their expense management, and how they can be solved:

 

Limited Visibility:

When the owner disburses cash for business expenditure, it becomes impossible to manually track where and how these funds are being used. Once the cash reaches different employees, the owner is virtually left in the dark, and this causes serious issues in reconciling the amount spent with the actual expenditure.

Worry not, though. By shifting to an automated expense management solution like Happay, business owners get real time visibility on business expenditure incurred. Every time an employee swipes a Happay debit card, the expense is automatically recorded on the app, and the owner receives an instant notification, keeping them informed with where the funds are being used.

Lack of Control:

It is one of the most challenging tasks to ensure that company funds are being used only for authorized expenses, and not spent frivolously. With traditional methods, the owner has very limited control once the cash reaches an employee, and this leads to a lot of unnecessary and unauthorized expenditure.

With Happay, business owners are given complete control on how company funds are used. Owners can set spending limits on each and every prepaid card, and can even disable cards with the click of a button. Owners can even limit where cards can be used – POS, online transactions, or ATM withdrawals. This ensures every expense is authorized, and gives business owners a real edge in controlling their business expenses.

Difficulty in Financial Analysis:

With manual expense management, there is no easy and comprehensive method of analysing the business expenditure incurred which makes financial decision making a highly challenging prospect.

Happay’s expense management solution, gives you a detailed analysis of business expenditure by employee, time period and even budgeted expenditure versus actual expenditure. This allows you to take informed financial decisions and identify great cost saving opportunities.

Happay offers the most comprehensive expense management solution with real time visibility, complete control on the go, as well as detailed financial analysis that can help your business remain financially stable.

If you’re a small business owner, you know that there are a lot of challenges involved with ensuring that you’re able to build a successful venture

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Team Happay
The editorial team at Happay puts together curated content that helps Indian SMEs and Enterprises take control of business payments. We create content on a wide array of topics from B2B payment trends and spend management best- practices to real-life case studies of how CXOs of different organizations use automation and mobility to manage business spends more effectively.

One response to “3 Expense Management Challenges for SME Owners and How to Solve Them”

  1. Avatar Aakriti Khanna says:

    Hi, very knowledgeable article, would definitely share in peers. Recently I have helped my company implement an expense management system. The expense management system has helped save every employee’s time and increased the number of expense claims an accountant can handle by 400%.

    As a small business, are you also wasting time in processing employee expense claims? Check out this list of expense management articles that helped me. Let me know if you found it useful.

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