Managing business expenses is a critical component of financial management and is key to driving business growth.
With effective expense management, you can improve cash flow, leading to the ability to invest in new projects and drive growth. This is because expense management provides valuable data that can inform strategic decision-making, helping businesses decide where to invest resources and allocate budgets.
Oode comes with built-in finance management tools that not only help you get paid on time, but also help you manage your bills and expenses.
You can find this feature on the left panel as Expenses under Finances.
Here, you can review your business expenses over a period of time and even sort them by latest activity or total amount spent.
You can also choose to view your expenses over a select period of time through the calendar under Year to date. Select the days you want to review and click Apply.
To organize your expenses, you can group them into the following categories:
- Cost of goods
- Materials purchased
- Shipping and storage
- Subcontract labor
- Other distribution costs
- Staff wages
- Staff training and education
- Other staff costs
- Rent, rates and service charges
- Travel and subsistence
- Office and business supplies
- Insurance, business and professional liability
- Computer software and consumables
- Repairs and maintenance
- Advertising and marketing
- Meals and Entertainment
- Legal and professional fees
- Management fees
- Bank and interest charges
- Other expenses
View expenses by category
To view details of your expenses by category, simply click on the category and you will see each receipt and bill, together with general information such as:
- Reference number
- Total amount
View expense details
You can also click on a specific expense to review an expanded version of its details including a scanned image of the bill or receipt.