What is expense management and why is it important?

Expense management is the process of tracking, controlling, and optimizing the expenses of an individual or an organization. It involves monitoring and analyzing expenses, creating budgets, and identifying opportunities for cost savings. Effective expense management is important because it can help individuals and organizations make informed financial decisions, prevent overspending, identify areas for cost reduction, and improve overall financial health. By implementing effective expense management practices, individuals and organizations can reduce financial waste and free up resources for more strategic investments.