Did You Achieve Your Expense Goals This Year?
As we move closer to the year ending, it’s natural to start considering new objectives for the year ahead. Whether they are business goals or personal, we all struggle to make better decisions in the New Year.
However, while we are looking forward, many times, we forget to look back and reflect on our performance this past year. After gaining a clear insight into where you are now, you can now begin setting objectives for the future.
Read on to learn the top five objectives you should set for this upcoming year and which tools can be utilized to acquire those objectives.
1. Shorten Reimbursement Cycles
With more traditional reimbursement methods, multiple verifications must take place before reimbursements can be issued. It can create significant problems for employees who have been traveling for more extended periods, as charges add up quickly.
Trying to manage every expense they have incurred is tedious and time- consuming.
Late reimbursement payments can lead the employee to be frustrated and disappointed, especially when there is a substantial amount involved. With automated travel and expense management software, such problems can be prevented easily.
With options for payroll integration, process automation, and ACH direct deposit, reimbursements can be issued quickly with only a few clicks.
2. Minimize Expense Report Processing Costs
Eradicating costly procedures plus increasing profitability is the primary focus of many organizations around the globe. When it comes to processing expense reports, incorporating a cloud-based expense management tool can minimize the cost involved in creating those reports.
An expense management solution streamlines the entire process for you, and it aids in maximizing staff productivity, eliminates postage and paper costs, and storage space for every paper file.
3. Gain Insight into Spending Data
Other shortcomings of archaic methods and outdated systems are trying to monitor expense data, and it’s cumbersome and nearly impossible. Lacking visibility into the efficiency of company spending means you will not collect meaningful metrics attached to travel costs.
Instead, it will result in missed opportunities and wasted funds. With the help of an expense solution, administrators and accountants can both view expense data in real-time and capture how your organization’s travel costs are being dispensed.
4. More Control of Travel Expenses
Many organizations have an increased number of travelers throughout the year, and the need to control their expenses has become crucial. By utilizing traditional methods or aging systems, employees are often dependent on booking reasonable travel and accommodations on their own. This can lead to an employee selecting out-of-policy accommodation, which would not be reimbursed.
However, with the right expense management automation software for your company, compliance tools help control these selections. Features like policy controls, category spending limits, and business credit cards, all help staff members make the right decisions about their accommodations.
With built-in tools, the solution will aid your entire organization in gaining control over spending and help traveling employees stay on budget.
5. Handle Non-Compliant Expenses
Today, a common issue with pen and paper or Excel spreadsheets needs to trust the expense report handed-in by an employee is correct. With no way of verifying the amount on the report is correct or not, the HR department might approve an out-of-policy expense. Automation helps to build in these types of controls, which can block non-compliant charges.
Many expense management solutions go a step further by integrating mileage tracking along with travel booking. Meaning users will no longer be in the dark about company policies.
Now we all know having objectives and achieving them are two different things. So, did you meet your expense management goals this year? If not, consider a business expense software as it could help you to do so this year.
