Sometimes your employees have to travel overseas to meet prospects and clients. Here, currency exchange makes your expense reimbursement complex if not managed properly. As there will be fluctuations in the currency rates, it can be really difficult to track expenses while on a business trip. To overcome such obstacles
Business expenditure is considered differently by the IRS. While creating expense forms, you should make it easy for employees to report expenses by function. The ideal way to do this is to create a classification system that categorizes expenses into types. When an employee reports business expenditure, ensure that you
Most times employees may think about what comes and what not under a valid business expense. To overcome this confusion, some businesses have turned to prepaid credit cards to manage employee expenses much better. Though prepaid cards come with a lot of benefits, on the flip-side there are a few
Although you would want to look at every expense carefully, sometimes you may miss out on a few of them. These expenses can be out of policy claims, resulting in a huge loss to the company when summed up. Accountants should review each expense report to make sure that the
When you are spending money on business travel, it is important to know where your money is flowing. Keeping track of your money will help you know everything about cash flow and plan your spending. However, getting a handle on the right information is very important to make informed decisions.
Sales people should focus on the sales pipeline and closing deals while the finance team should be concerned about accurate and timely accounting. However, lack of integration between these two systems will result in a few challenges such as: Re-entering the information in CRM Data inconsistency Invoicing errors Lack of
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