3 Things you Should Do to Manage Employee Spend
When you look at how money is being spent enterprise-wide today, there is a real shift happening. Employees are spending more money across various spend categories and using more payment methods than ever before – such as credit cards, ghost cards, cash and P-cards.
All these payment methods are managed by multiple systems that don’t get connected across the organization. Not having true visibility and control over employee spending, and reporting is considered as a big problem for companies today. Employee spending is spread across various line items, making it more difficult to manage.
So, what should finance departments do to better control spend across the organization?
Connect Travel and Expense Solution to Financial Systems
Reviewing your travel and expense processes is the first step in gaining better insight and control over employee spend. Choose the expense software that integrates with ERP/ financial management solutions to provide seamless access to the information.
Making it Easy for Employees to Comply
Millennial expect mobile and e-shopping like experiences at work. Relying on frustrating and inefficient processes makes it difficult for companies to capture accurate spend data. Employees are leveraging digital capabilities to get their work done and now they expect the same from their employers as well when it comes to employee-generated spend.
New Ways to Capture Employee Travel Bookings
Despite travel policies, employees book travel outside of business rules set whatever the reasons may be – convenience, cost or need. Definitely, non-compliance travel bookings happen in every company irrespective of the strict policies in place. Encouraging employees buy directly from airline, hotel, taxi or short-term lodging can help companies capture travel data accurately. Integrating expense solution with travel booking solution can help companies manage travel booking wisely and reconcile spend efficiently.
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