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Seven secrets for managing expenses
Too many firms still rely on antiquated spreadsheets and bits of paper to track expenses. Get on the front foot with these top tips to reduce costs and improve usability.
• Get a policy. The first step to expenses Nirvana. What’s covered, and for whom? Budget or business class?
• Get a system. Modern Software as a Service electronic expenses management technologies make it simple to implement even complex policies and to easily identify where the biggest savings are to be made.
• Make it comprehensive. The best systems allow users to do everything from searching for plane and train times to booking and confirming, all in the same place. The easier it is, the more they will use it.
• Capture expenses quickly. Encourage staff to file online, on a rolling basis. The old submit all expenses by the 25th approach encourages receipt hoarding and mistakes.
• Make it mobile. People spend more and more time out of the office and expect to be able to do everything on their smartphones. That includes travel and expenses.
• Make it flexible. Be as accommodating as you can. If people can still use their loyalty and frequent flier cards, and choose airline and hotel preferences, the transition to a new system will be much less painful all round.
• Be transparent. Openness is all when it comes to checking claims against policy. Making sure that what people say they are claiming for is actually what they are claiming for is ultimately in everyone’s best interest.