| Let's face it: Expense management can be a tedious process, especially when you're using old or inefficient systems.
For example, manually entering expense data into a spreadsheet is time-consuming, and it can introduce errors that make financial reporting difficult. There's also the pressure to pay employees on time, so they don’t end up being out of pocket. It's easy to see how the process gets overwhelming for both managers and employees.
But there is a better way to manage expenses.
Concur has put together a simple white paper with eight tips to make submitting, approving, and reimbursing expenses more efficient and less frustrating for all involved. It explains what the best practices are, giving advice on the easiest ways to implement a new system or improve your current one.
The eight tips include: - Create a firm but fair expense policy. All companies have an obligation to themselves and the IRS to make sure expenses are genuine and appropriate.
- Keep the expense process simple. Complexity can lead to mistakes. Employees are more likely to comply if the process is easy to follow.
- Focus on the relevant information. When it comes to details, it's all about the balance. Ask for the right info, not a novel.
- Require timely submission of expenses. Publishing a clear time frame for submitting and approving expenses will improve your cash-flow management.
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