Cutting Corporate Travel Costs
Corporate travel is a great way to grow your business but can detriment if not managed efficiently. If your accounts department is chasing employees or losing thousands of dollars, then most likely you should consider your cash flow. To help you out, below we outline a few tips to improve your overall expense management.
Restrict Expense Accounts
Limiting the number of active expense accounts is one way to control your costs. Consider using a credit card with spending caps or the one that provides cash accounts with per diem payment. When an employee wants to submit expenses beyond the amounts set, ask for receipts and explanation for account expenditures.
Managing paper while on the go can be frustrating, so offering incentives to employees for expense tracking will work. Offer per diem payments for on-time receipts and expense report submissions. Some perks such as small gifts, or lunches will motivate employees. Set standards and thresholds for offering benefits and issuing awards so employees would aim for it.
Differentiate Acceptable & Unacceptable Expenses
What expenses can be claimed and what employees think are two different things. Instead of arguing with employees for expense claims, create an expense policy that clearly states acceptable costs for lunches, dinners, and entertainment. Set maximum limitations on expenses such as airfares, or hotels and other add-ons your employees would add to their expense report. All valid expense claims should be pinned with required receipts and clear explanation.
Synchronize Corporate Card Transactions With Accounting Software
Accounting systems automatically pull corporate card transactions from credit cards, so you don’t need to spend a significant amount of time matching up receipts and transactions. Using an expense report software solution allows you to simply scan and match receipts in real-time. The automated system allows you to figure out any suspicious claims or any other violations of expense rules.
Automate Expense Policies
Using online expense report solution that allows you to define parameters for expense costs, and categories can help eliminate out-of-policy submissions. When you find out these expense claims automatically, you can cut down the time spent in figuring these out. Giving your employees the opportunity to see the invisible spending will help you cut overage spending. This would automatically help decrease the number of employees violating expense rules.
Ensuring that reimbursement should be done only for acceptable expenses, you should eliminate the potential for policy violations. By deploying expense report software, your company and your employees would get their work done more easily.
Want to learn more about SutiExpense Expense management? Request a free demo today.