The key to any successful budget is planning for expected costs, tracking expenditures, and adjusting as needed to meet all financial obligations. No one wants to show up to the ATM wondering where all the money from the last withdrawal went. However, if you are using cash to fund your business, losing track of all the dollars is a common pitfall that can cost you money. If you do keep accurate records, getting the money, doling it out and keeping track of the expenses can cost you a lot of time.
In uncertain times, it makes sense to tighten the purse strings and keep close track of cash flow, but there’s a better way to keep on the money. Instead of chasing down change and receipts, consider a prepaid employee spending card program, such as PEX Card. Each employee has a card and you have control over how much goes on a card at any given time. And then, each time a purchase is made, it shows up in the spending report, so you can see exactly where the money is going.
PEX Card is set up so you can micromanage cash the easy way.