For finance departments, there is nothing more frustrating than cross-verifying expenses, or looking for missing receipts. Unexpected expenses can result in unnecessary time spent in reconciling expense reports. Expense reporting issues can be avoided with improved visibility and effective expense management process.
Handle Employee Expenses
Re-evaluating expense process and talking to employees about the issues can help improve the process. The expense report process can go beyond employees and should include the approving manager and auditor. Look for irregular patterns and reoccurring issues for process improvement. Make sure any updates made to the process are clearly communicated to all employees. This would make sure that all teams will have a clear understanding of expense processes.
Reduce Expense Fraud
Organized expense management process reduces the chances for unforeseen costs. Creating and submitting expense reports requires you to know what documentation is needed for approval and reimbursement. This makes way for the more streamlined process, saving time and money. Managers should know about non-compliant expenses so it becomes easy for them to review expense reports. Also, this would help minimize expense fraud. Making all those who involved accountable will make a difference and reduce the possibility of submitting out-of-policy expense claims.
Technology to Your Advantage
Automating expense management process with technology will not only streamline the process but also adds visibility into the process and employee expenses. Getting the required data at your fingertips allows you to gain a better insight into the reporting process while reducing the chaos associated with the reporting process.
Adding mobility to the expense management process makes expense capturing easier for employees. With more business happening on the go, it makes sense to allow employees access expense reports from their mobile phone. Mobility gives finance department more insight into real-time data.