Using petty cash in a startups requires clear policies and procedures, responsible individuals to manage it, detailed records, regular reconciliation, and regular replenishment. The decision to invest in petty cash funds could vary from business to business.
Outsourcing accounting services can provide startups with a range of benefits, including saving time and resources, access to expert knowledge and skills, compliance with regulations, and flexibility and scalability. These benefits can help startups manage their finances effectively and focus on other areas of their business.
Read the success story from the CarSwitch's finance team and how they were able to overcome petty cash and reimbursement process by using Alaan an all-in-one spend management platform.
We strive to get better every day to simplify tracking expenditures for you. Alaan is here with yet another product update to streamline your business expenses even more.
Alaan is an all-in-one spend management platform powered by smart corporate cards. Alaan entrusts employees to purchase what they must to get the job done while giving business owners and finance teams comprehensive control and visibility on business spending.
Traditionally, expense reports were used exclusively for the purpose of tracking all the transactions being made. Needless to say, the method was time taking and prone to error. Here are few of the best practices that a company can implement to manage business expenses seamlessly.
For a company of any size, using personal cards for business expenses is never ideal. While it may seem convenient especially when you’re starting out, it can become quite chaotic when it is time to do the books at the end of the financial year.
It's not ideal to let employees pay out of their pocket and try to get it reimbursed month on month. With Alaan, you can issue unlimited cards for employees & track your business spend in real time.
As a business owner or finance manager, it's your responsibility to make sure that company funds are being spent wisely. That means having a good system in place that can automate end-to-end expense management for you.