What Industries Can Use Expense Trackers? Wednesday, September 21, 2022 | Expense Tracker

Tracking and managing expenses are of the utmost importance for businesses of all sizes and industries. In the past, companies would manage project expenses using pen and paper. However, this method can lead to errors that lead to the company losing money. Online expense tracking software is a much more efficient way to track expenses. An online expense tracker is a software solution that automates the process of recording project expenses. The benefits of using an online project expense tracker are that it reduces paperwork and minimizes human error. Companies should also look for an online expense tracker that allows managers to reimburse employees for expenses. Some industries that can benefit from using online expense tracking software include marketing, legal services, field services, non-profits, hospitality, and construction. Talygen is an online expense tracking software system that all of these industries can use.

#1 Marketing

Marketing is one of the main industries that can benefit from online expense tracking software. Advertising and digital marketing agencies can use project expense trackers to see which expenses are going toward each project. Account executives can record expenses such as flying out to see clients or taking them out to dinner. These expenses can then be recorded in the system, and the users can be reimbursed. Clients can also view their charges to the agency in a client portal provided by the online expense tracker. Other expenses that marketing agencies need to record include software licenses for tools such as Adobe Creative Cloud or Hootsuite. The manager can set expense limits on certain projects if the agency is on a budget and flag users when they exceed them.

#2 Legal Services

The legal sector can also benefit from using online expense tracking software. Lawyers and paralegals can record expenses such as time spent on a case. The system can also record expenses such as rent, utilities, and office supplies. Users can record their expenses in an Excel spreadsheet and then upload the spreadsheet to the online expense tracker. When uploading expenses, users can also upload photos of their receipts.

#3 Field Services

Field services can also benefit from using online expense tracking software. Field services can include services such as HVAC installation, plumbing, and telecom infrastructure management. One expense that field services have is gas. To do maintenance work, a field worker will often take the company car to a site and may need to fill it up with gas. The worker can then record this expense and get reimbursed by management. Field service companies can also record and manage expenses such as office space and equipment. When uploading expenses, users can also upload photos of their receipts.

#4 Non-Profits

Non-profits can benefit from using online expense trackers since their revenue is more limited. Workers and volunteers can record expenses such as rent, utilities, and supplies for the office. If users buy these expenses, they can be reimbursed by approved admins. Users can also upload their receipts to the system. Other expenses that can be recorded in the system include fundraising efforts and training programs. The non-profit manager can also set expense limits within the project expense tracker to prevent the organization from exceeding a budget.

#5 Hospitality

The hospitality sector can also benefit from using online expense tracking software since restaurants and hotels need to record all of their expenses. Users can record expenses such as rent and utilities. If users buy food for the restaurant with their own money, they can record these expenses and get reimbursed by management. Users can also upload receipts to the project expense tracker to get reimbursed.

#6 Construction

The construction industry can also benefit from using project expense trackers. Expenses for construction companies include labor costs, equipment, onsite facilities, office utilities, and travel expenses. Users can record their expenses, upload their receipts, and then get reimbursed by management. Managers can also set expense limits if the company is on a budget. Users will be flagged if they exceed a project's expense limit.

Conclusion

Every business can benefit from using online expense tracking software. Some of the sectors that use online expense trackers include marketing, legal services, field services, non-profits, hospitality, and construction.

Talygen is one of the most efficient project expense trackers on the market. Talygen's online expense tracker includes features such as integration with Microsoft Excel, the ability to upload receipts, and allowing managers to approve or deny expense entries. Furthermore, Talygen's online expense tracker can integrate with Talygen's other modules, such as time tracking, customer relationship management, employee management, and invoicing. For more information on Talygen's online expense tracking software, visit https://talygen.com/ to request a demo and view available packages.

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