A top priority for any company must be to properly manage expenses. Failure to properly manage expenses is not only time consuming (especially for the members of your accounting department), but it also can and will prove to be very costly over the long run.
Here are the top expense management solutions that your company can utilize:
Automate As Much As You Can
This is perhaps the most foundational and important tip of all when it comes to expense management. Utilizing high quality software to properly process and record expenses will save your company a lot of money in contrast to processing those expenses manually.
Furthermore, using software will also be much faster and more efficient than having your employees do them, and they can spend that time to tasks that are more productive.
As a final benefit, automating your expense management processes means that the risk of human error will be dropped significantly as well.
Have A Business Travel Policy Written Out
If your company needs to send any of your employees on required business trips, then it’s important to have a business travel policy clearly written out that defines which expenses will be reimbursed and which ones will not.
It’s also important for your policy to outline the process for reimbursement as well. Use clear and concise language, and make the policy easily accessible to each employee. If you make any changes to the policy, be sure to update each employee.
Stay In Compliance With Overseas Tax Regulations
If you have any employees who will be sent on business trips overseas, you will want to ensure that they are properly reimbursed just as they would on trips domestically. If you have doubts, you can use a free tax calculator or consult a professional accountant.
You will need to be kept informed on any differences that exist with expenses in foreign countries, such as any taxes that exist in those countries and not in the United States so those can be reimbursed. Utilizing a global expense tax regulations software of some kind can clearly outline which taxes exist in other countries and which ones your employee incurred on his or her business trip.
Don’t Allow Corporate Credit Card Sharing
Finally, having corporate credit cards is fine, but allowing your employees to share the same card is a bad idea for business management.
This is because it will be much more difficult to track expenses, and it also makes the likelihood of an employee with poor intentions committing expense fraud.
Simply put, not allowing your employees to share a corporate credit card makes it much easier to keep track of expenses and make the expense reporting process at the end of the month much easier.
Expanse Management Solutions For Your Company
Again, properly managing expenses is a vitally important aspect of running a company. With that in mind, the above expense management solutions are not tips that you will want to ignore.
