A lot goes into successfully managing a company of any size, and when your employees are on the road earning you money it can become even more complex. One thing that you need to pay careful attention to is your expense management. It’s easy to overlook this or to assume that it’s not really going to impact your business much, but when you consider that expense fraud or inaccuracies cost companies millions every year, it becomes clear that you need to give it your full attention.
There are several tips that could help you get more from your expense management. The first step is to find the right software, however. Be sure to look into finding a good online expense program that offers you maximum flexibility and numerous features. From there, keep the following in mind.
- Learn to use all the features offered by your expense management program. Too many business leaders choose a good program but then don’t take an in-depth look at what the programs can do. There are powerful features that are obvious – like mobile access and receipt imaging – and features that are often overlooked – like credit card integration or automatic currency conversion. Master all the features and you’ll get better results.
- Be sure that your expense policies are explained in full to your team and that they understand them. Many invalid claims aren’t fraud – they’re just claims filed by employees who think that they can actually file them legitimately. The automated system will help with this, but making sure your team understands what can and can’t be submitted for a claim is important.
- Also be sure that your team knows how to use all the features of your software. Refreshers are important and will keep your team up to date on using all of the different features involved in your system so they can get the most from them.
- Finally, don’t overlook data reporting. Your expense management program should give you detailed looks at every aspect of your company’s expenses and spending – from a look at who is spending what to which trips are netting the biggest ROI and beyond. Take a look at these reports so you can identify issues, adjust your strategy, and develop better policies.
If you’ll keep these basic tips in mind you should be able to get more from your expense management efforts and help your company grow and succeed in today’s crowded, competitive business market. It really can make a difference.