Managing business expenses is the art of understanding and controlling the costs associated with running a company. An effective expense management strategy helps to identify areas of waste, balance budget allocations, and maximize profits. By proactively tracking and forecasting your finances, you can make sure that spending stays within budget limits and you are not overspending in any areas. Expense management requires using tools such as software, spreadsheets and apps to stay on top of your money. It also involves regular review of expenditures, discussing limitations with staff, and setting clear expectations about how business expenses should be managed.