In Flare, expense management for small business is easy and doesn’t require financial management knowledge. Flare Cloud Accounting has several features that allow you to record and track expenses. You can record expenses by vendor one by one, or record expenses in bulk by vendor with Flare’s convenient expense input form. Once recorded, you can view overviews of expenses in the Profit & Loss Statement, or, view expenses by chart of accounts category in the Transaction Details report (general ledger). For small businesses, two of Flare’s most powerful expense recording and tracking features are the expense form and the vendor module.
With Flare’s expense form, you can record multiple expenses for one vendor without the need for creating individuals bills and then recording payments of individual bills. Expenses are recorded directly to a Flare bank account (also known as a “book account”) of your choosing. When recording each expense line item, you select a chart of accounts category, enter the name of the expense, the amount and applicable taxes.
In the bank account you choose to record the expenses, the expense record appears as one transaction entry split into expense items (as you see below).
To see the individual expenses, click the expense row in the bank account (outlined above). You’ll be taken to the detail view which shows all expense line items. If you need to edit, email, print or PDF the expense record, use the action icons (circled below).
The vendor module is a convenient way to manage and monitor small business expenses at the vendor level. The module shows expenses by vendor, month by month and you can compare to the past fiscal year. By doing so, you’ll be able to spot expense trends by vendor over time so you can plan for peaks and valleys and be prepared for the effect on cash flow.
The module displays vital information about expenses you’ve incurred or will incur, including:
- Aging vendor payables.
- Year to date expense totals.
- Expenses by month bar graph for current and past year.
- Credit limit.
We invite you to sign up for a free trial of Flare Cloud Accounting so you can see how well it will manage your small business expenses.