...so you can stay in control of teams’ expenses.
Serge is at the head of a construction company. As it is with every company, managing his finances means juggling a variety of circumstances. Sometimes it’s hard to make heads or tails of it all.
In December, for example, he had to make some onetime purchases (organizing a Christmas meal for his employees, hiring a contractor to update the company website...).
On top of that, he also had his regular expenses, like equipment rentals and buying material for his job sites. And let’s not forget taxes and payroll.
Actually, Serge only has a vague idea of the budgets he’s set for these expenses. When he consults his business account, he sees the money going out but can’t always figure out what went where. And trying to work that out manually just takes too much time.
Recognize yourself in this scenario? Don’t worry, you’re not alone. Many companies struggle to maintain visibility over their expenses.
Avoid confusion by setting out clear and consistent budgets for each project. For even more transparency, open multiple accounts.
On a practical level, having several sub-accounts allows you to deposit the preset budget funds directly into a team or project’s dedicated account. That way, each purchase can be easily categorized and, on your end, you can see in real-time where the money is going.
And the more you know about your cashflow, the less you’re likely to overspend.