Expense management

Expense management in financial operations refers to the process of tracking, controlling, and planning for costs incurred by a business. It involves monitoring spending, ensuring that expenses align with budgets, and identifying areas where savings can be achieved. Effective expense management helps organizations make informed financial decisions, improve profitability, and maintain financial health. It often includes the use of tools and software to automate tracking and reporting, making it easier to understand where money is going and to address any discrepancies or unnecessary expenditures. Ultimately, it's about optimizing spending for better resource allocation.