A Taxing Chore

As we begin a new year, one topic suddenly on everyone’s mind is tax season and April 15. Managing expenses is a universal business problem. What surprises me, though, is that I never hear tax season or tracking expenses mentioned at any other time in the travel industry.

Tax season coincides with an extremely busy vacation booking season, so don’t waste valuable sales time looking for receipts and trying to figure out what you actually spent on your business the year before. Consider investing in an expense management system.

Save Time

An expense management system is an excellent way to easily track expenses throughout the year. Tracking and reconciling expenses can take hours, not to mention the time you spend trying to find receipts. An expense management system lets you spend less time on paperwork, and a very good one integrates into your accounting system, allowing you to run monthly financial statements.

Save Money

You’ll also save a ton of money on your tax preparation bill if you provide your accountant with a balance sheet and income statement instead of a shoebox full of receipts. And no tax-deductible items will fall through the cracks if you are using the system to track expenses regularly. Frequent financial statements will measure progress and help you stay on budget.

Spare Yourself Anxiety

Tax season doesn’t have to be a time of dread, which is good news for travel agents who would rather spend the first months of the year growing their business and booking memorable vacations. But you must use technology to your advantage. Start the New Year off right by implementing an expense management system!