Key Ways to Make Expense Management Easier
As an employer, one of the most repetitive and tedious tasks is to check expense claims and approve or challenge them. There are two methods to approach this.
- You can struggle through this and do the best you can.
- You can take proactive steps to make expenses simpler and faster for all.
Here, are some ways on how you can turn your tricky expense management into a simple process.
Leverage an Expense Management Solution
By leveraging cloud and mobile technology, expense management software can take all the pain out of your expenses. Instead of trawling through emails to look for expense claims with scanned receipts attached, an online expense management solution will simplify and condense everything that is required in one place.
The solution will scan receipts from a photo and pull all the relevant details out and make it easy to read. What all you need to do is log in, view a simplified expense claim, and approve or reject as appropriate.
Access Detailed Charts
It is easy to view whether anyone expense claim is erroneous, the simpler element of expense abuse to miss is the combined excessive use of claims by an individual. Leveraging an integrated expense management tool will enable you to easily and quickly see the expenses of your entire team over a period of weeks or months.
By doing so, you can spot when the expenses of particular individuals are higher than the others. This red flag will allow you to review their spend and identify the tiny incremental charges which are getting added up to excessive overall use.
Explain Company Policies and Procedures
Another good way to simplify your solution and make expense management easier is by ensuring that everyone understands the claiming system completely. Make sure to elucidate what they can and what they cannot claim for, how much and when they can claim.
This must be clearly available on the integrated cloud-based expense management system too, so there is really no excuse for failing to follow it properly. Every employee should know how to claim expenses correctly that will allow you to cut down on erroneous claims and enable you to process them far more easily as an employer.
Reward Savings
Rewarding employees who make savings on your expenses is a great way to cut down your costs as it incentivizes them to think sensibly on how they should spend. By transferring some of the rewards of savings on to your workers, they will be more likely to look harder for a cheaper hotel room.
If this saves you a small amount each time, then you can afford to reward them with a voucher or small incentive easily, which will be more valuable to them. Putting the power to make savings in their hands will help you to reduce expenses massively each year.
Hence, the best way to make your expense management easier is by simplifying your solution and make it a foolproof one. By doing so will bring down your expenses and build a happier team and an easier management role as well.
