While we’d all like to be able to kick back and let our business run itself, the real world just doesn’t work that way. Instead, we need to keep an eye on nearly every aspect of our businesses if we want them to succeed. When it comes to your sales reps and other traveling employees, your expense policies need to be managed properly. Setting up proper expense policies and controls is a key part of keeping your business running smoothly.
If you don’t clearly define expense policies or ensure that proper controls are in place, you stand the risk of essentially bleeding money on a constant basis. You’re basically giving your employees free reign to spend, with little understanding about how you or they can manage the expenses.
A better option is to set up clear policies that define spending limits as well as what you will or won’t accept as a valid expense. Most businesses operate on two models – they either provide an expense account or credit card to employees, or they reimburse employees on a regular basis. Either, way you’ll want to make sure that your employees know their limitations and know what they can and can’t spend company cash on.
Of course, keeping a close eye on expenses isn’t always easy. That’s why using things like an expense mobile app and online expensing software is so important. Systems like ExpensePoint make it easy for you to set up clear policies and ensure that they’re being followed properly.
An auto expense report program lets your employees use their mobile device or other computer to upload their expenses on a regular basis. They can even photograph receipts and attach them to their account. You’ll be able to review expenses while they’re still on the road and contact them if you start noticing a negative trend that needs to be dealt with.
Then, at the end of a trip, a quarter, a month, or any other timeframe you choose, you can use the reports offered by ExpensePoint to quickly get a clear look at your overall expenses. You can actually track spending by department or employee, making it easy to spot which areas your greatest expense reports are and figure out whether or not it’s worth it.
Keeping up with all of your business operations is a must, and employee expenses are one of those things that simply need to be managed as well. With good software programs in place, it’s easy to track everything about your expenses.