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Wednesday, February 20, 2013 | | | |
Create An Expense Policy That Makes Sense
| | | When you empower your employees with an expense account, you trust that they won't blow a few thousand bucks on a meal at Le Bec Fin.
Still, even a business with the world's most ethical employees needs to keep expense spending under control. A clear, unambiguous expense policy will keep everyone on the same page and help prevent frustration, mistakes, and even the risk of expense fiddling or fraud.
Looking for a place to start? Concur's expense policy template (free to download) describes the structure and content of a best-practice expenses policy and includes sample language.
Here are useful guidelines: - Ditch the jargon. Your policy should be easy to read. The easier a policy is to understand, the easier it is for your employees to adhere to it.
- Make it fair. No one should have to pay out of pocket if they spend sensibly.
- Invite participation. If your team members help develop the policy, they'll be more likely to adhere to the rules and encourage others to do the same.
- Use sensible, localized rules. Sometimes you need to adapt to local requirements, such as higher hotel costs in more expensive cities. One good solution is a table of acceptable regional rates.
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Want more tips? Download Concur's free "Taking the Pain Out Of Expenses" policy template for a thorough guide on creating your company's expense policy.
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