Today’s post is by Randy Russon, founder of TOPCFOS
Welcome to our Blog today! TOP CFOS offers the finest CFO services to companies anywhere in the world who want to take their organization to the top. We absolutely love being a part of your success. We also love to be the catalyst behind your firm’s soaring profits! And, for your convenience, we provide an RSS feed down at the bottom of our website so you can subscribe to our blog. Today’s post comes from the Finance category on our website and is entitled Controlled Spending.
Today’s post is aimed at small to medium sized companies. Controlled spending simply means just that – spending that is in control. Controlled spending means that you are the one in control of the money, not the other way around. Controlled spending also requires self-discipline. And, it requires companies to have in place policies that limit what people can spend. This is why budgets are so important within a company. When you set a budget and live within that budget, the reward will be greater profitability as a company. Another idea that I want to introduce here is the idea of better accountability for those who are given company credit cards to use within a company.
The other day I came across a firm called Nexonia based in Canada. They have this really cool software package that they sell where it ties purchases on the company credit card with your accounting software. Let’s say that someone with a company credit card goes to lunch with a potential client and uses the company credit card to pay for the lunch. All the user has to do is take a picture of the lunch receipt with their smart phone. They next can assign an expense category to the lunch receipt or even just type a note of what the lunch was for. Then, later on when the accounting staff is processing the accounting records this information goes straight to them and they know exactly where to code this expense. In my opinion, this process brings so much greater accountability to those who have spending power within an organization.
Nexonia goes into more detail about this process with the following explanation:
“Imagine finishing an expense report for a business lunch before you’ve even left the restaurant. You can, when you go fully mobile with the Nexonia Expenses app for iPhone, iPad, Android and BlackBerry devices, and Windows Phone. It’s available as a free download from the Apple App Store, Google Play store and BlackBerry App World. You can even use BlueStacks for Windows and OS X to run Nexonia Expenses for Android, fully offline, on your notebook or desktop computer!
Create, edit and approve expense reports from anywhere in the world on your mobile device. Attach receipts to reports using your device’s camera and make paper reports a thing of the past. Your reports and receipts synchronize with Nexonia’s secure cloud servers and are immediately accessible from the web interface as well. You can even work on reports without a mobile network connection and submit your changes later.”
To me, this is what controlled spending is all about. Using Nexonia software along with well thought out spending policies within an organization can lead to much greater profitability.
We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. During the month of July, we are offering a free service to our readers. We will help you set up a budget for your business, all at no charge. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Leadership category on our website and is entitled Gratitude. And, thank you for joining us!