Best Expense Management Practices to Fit Modern Business Culture

Today’s financial decision-makers face more challenges in regards to enforcing a new travel and expense policy, which is why we’ve listed out a few best practices that make expense reporting a breeze.

First Listen, then Learn

Listening to everyone is important for organization success. It is good to review the T & E policy with people across the organization to ensure that the policy is fair, transparent and cost-effective. Also, it should meet the needs of both employees and employers. Creating several drafts and getting the policy through a number of iterations will make sure that everything is right.

Frequent Onboarding

Training staff on the policy is key to success, especially in the case of non-compliance. Periodic reviews for identifying the policy violations should be done to figure out why the non-compliance has happened. As a result, people will understand the policy and comply with the terms and conditions.

Notify about Future Changes

Ensure that people are aware of the policies with respect to the new systems and processes. It is better to be transparent while enforcing T & E policy. Let employees know why the change is necessary, and how it will benefit them and the company. Clear and proactive communication is beneficial to the company.

Create a Shared Culture

Being transparent while managing costs is very important as it helps people to understand the impact on the organization. Let employees know that business travel is an investment for everyone, so make sure that businesses get something out of it. Therefore, most employees make good decisions.

Modern CFOs are looking for ways to set up travel and expense management solutions that fit with the modern work styles of today’s employees.