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A brief section stressing the importance of expense management and respective useful applications for both personal and corporate uses. |
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{{Short description|Item requiring cash outflow}}
{{redirect|Expenses|the Better Call Saul episode|Expenses (Better Call Saul)}}
An '''expense''' is an item requiring an outflow of [[money]], or any form of [[Wealth|fortune]] in general, to another person or group as payment for an item, service, or other category of [[cost]]s. For a [[leasehold estate|tenant]], [[renting|rent]] is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "[[Remittance|
In [[accounting]], ''expense'' is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is diminished or exhausted, or a [[liability (accounting)|liability]] is incurred. In terms of the [[accounting equation]], expenses reduce owners' [[equity (finance)|equity]]. The [[International Accounting Standards Board]] defines expenses as:{{quote|...decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.<ref>IFRS Framework, F.70</ref>}}
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Many businesses benefit from automated expense reports systems for [[expense management]]. Depending on the system chosen, these software solutions can reduce time costs, errors, and fraud.
==Expense
Expense management is a crucial aspect of both personal and corporate financial well-being. It involves effectively tracking, controlling, and optimizing expenses to ensure financial stability and growth. Whether for individuals or organizations, understanding and managing expenses is essential for various reasons.
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