Most policies will call for employees to log receipts. Ease management and tracking of paper receipts.They flag improper or questionable expenses and make it easier for hesitant employees to file for reimbursement. Meanwhile, some 56% of CFOs in a recent Robert Half Management Resources survey said they have seen an increase in the number of “inappropriate reimbursement submissions” from workers over a three-year period.Įxpense management systems work at both ends of that spectrum. One-tenth of these employees never seek reimbursement as a result. That proportion is larger among employees at smaller companies. Some two-thirds of people surveyed by Allstar Business Solutions said they haven’t read their company’s expense policy. Those rules should be the product of good expense management policies. Ensure expense management policy compliance.
SMALL BUSINESS TRAVEL EXPENSES SOFTWARE
With expense management software systems, leadership can identify and set those limits. Rules that establish limits in spending can help control costs. And small businesses tend to spend more on travel than enterprises, in some part because they lack buying and negotiating power with travel partners and are understandably trying their hardest to get in front of customers and bring their staff together. Travel expenses comprise 10-12% of a business’s annual budget and represent about 1% of its revenue, according to benchmark data from Accenture. 10 Ways Expense Management Software Can Grow Small Businesses Automating them lays the groundwork for growth: You’ll have happier employees with more time to do what you hired them for and more accurate and accessible data with which to make business decisions.
Spending time and money on unwieldy expense management processes serves no one. Expense management done right means finance doesn’t have to dispute expenses with an employee or explain why they haven’t been reimbursed in a timely manner.
It makes clear to employees what the guidelines are and empowers them to comply. It ensures tax compliance and complete, easily accessible reporting for audits. Proper expense management allows small businesses to gain insight into employee expenses and categorize spend. It takes $58, on average, to submit and process an expense report, and an additional $52 to correct it, according to the Global Business Travel Association ( GBTA). Done manually, it can require a significant investment in money and time. It is most often associated with travel-related expenses but to truly benefit the business, expense management should encompass everything an employee may seek reimbursement for, which can get blurry-from home office supplies to software subscriptions.Įxpense management presents many challenges for a small business. East, Nordics and Other Regions (opens in new tab)Įxpense management is the process by which businesses reimburse employees for money spent on business-related matters.
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