Concur is an SAP Company

Steve Strauss - Tracking Expenses (2:14)

How can new technology help you to take charge of your overhead by tracking expenses quickly and affordably?

I have a question for you. Would you drive down the road with a bag over your head? Of course not. It's a terrible idea. You have no idea where you're going. It would be dangerous. Driving around with a bag over your head would not allow you to see if a red warning light came on, or you wouldn't be able to know if you're even headed in the right direction, do you have enough gas. All those warning signs that tell you that you're on the right track would be missing if you drove around with a bag over your head.

Let me suggest that not tracking your expenses in your business is the equivalent of driving around with a bag over your head. How do you know if you're spending too much? You don't. You can eventually look at the budget and see if it's working or not, but if you're not keeping close track of your expenses, you don't really know what's going on with your business, and you can end up spending a lot of money on things that you shouldn't be spending money on and wasting a lot of money. What I want to do right now is help you track your expenses a little more carefully and give you some tools to do that so that you take the bag off your head and you have a better business.

What kind of expenses am I talking about? Travel and entertainment expenses, maybe you have sales people on the road that are entertaining a lot, you need to keep track of those expenses. Out of pocket expenses, all sorts of things like that, those are the kind of expenses you need to keep track of. It's easy to lose track of when you have people on the go.

Our friends here at Concur have ... What do they do for a living? They create a fantastic expense tracking software. I really encourage you to check it out because what it does is, either through your desktop, laptop or even your smartphone, you can track your expenses easily, affordably, quickly. It takes the hassle out of it, and it's going to allow you to run your business far more effectively.

Look, being a businessperson is fun and exciting and creative, but you also have to be a businessperson. Eventually at some point, you have to crunch the numbers. That's where tracking your expenses comes in and using some great business tracking software can make a big difference. Do that, take the bag off your head, see where you are, and I think you'll be happy you did it.