expense-tracking

Vocabulary Word

Definition

'Expense-tracking' involves systematically recording and reviewing all the money you spend. It's like a diary of your expenses, which can help you make better financial decisions.

Examples in Different Contexts

For small business management, 'expense tracking' is essential for monitoring business costs and budgeting accurately. A small business owner might say, 'I use software for expense tracking to ensure we stay within our operational budget each month.'

Practice Scenarios

Startup

Scenario:

We've managed to secure our second round of funding. Now we need an efficient system to monitor our expenditure as we grow our operations.

Response:

We should definitely incorporate an expense-tracking software to manage our budget efficiently.

Business

Scenario:

Our company seems to have an increase in overhead costs recently. It's imperative we scrutinize where our resources are being allocated.

Response:

I agree, maybe we need a better expense-tracking system to identify where we can cut costs.