Five Best Practices to Keep Business Spending In Check

Most companies are finding it difficult to track and manage travel & entertainment spending throughout the enterprise. In this article, we will focus on strategies that ease your job of tracking expenses by simplifying the expense reporting process. The following are a few strategies that help you keep spending in check.

Implementing Mobile in T&E reporting

• OCR (Optical character recognition) technology: Take a snap of receipts and automatically parse data into reports.
• Report creation: As every receipt is captured and saved, you can build expense reports on the go.
• Remote approvals: Reports can be reviewed and approved from any place to reduce possible delays.

Automating policy enforcement

• Set policy controls: Put caps on spending based on categories, reporting requirements, vendor preferences, and many more.
• Flag duplicate expenses: Expense report software will figure out duplicate expenses, identify out-of-policy spend, reduce fraud and save money.
• Timely reporting: Automate build reports, notify employees & managers, and submit expenses in a timely fashion.

Integrated travel booking

• Category spending limits: Set spending limits based on the category and type of travel.
• Travel vendors: Negotiate and select travel vendors for air, hotel and car rental services.
• Assign class of service: Set class of service for flights to employees based on the designation.

Integrations

• Accounting integration: Integrate with accounting system to automate key functions and simplify workflow
• Corporate credit cards: Get complete control over employee spending and ensure faster reconciliation
• ACH reimbursement: Make direct deposits for faster reimbursements and simplify accounting processes

Insights and reporting features

• Spending: Analyze spend by category, department, employee and monthly reimbursements.
• Compliance: Review all processed and in-progress reports, policies , figure out-of-policy spend and improve compliance over spending

Workflow: Monitor approval processes and ensure expenses are reviewed and approved as per the company’s policies.