Expense Claims Management Process Tips
1. Start with an audit of your existing process
Even if you don’t have an existing documented process, there likely is still “the usual” way your staff submits, processes and reimburses expenses. The implied process can work for a while, but as your company grows, you’ll need to get more formal about it.
- What information could be clearer?
- Where do you need to go for information?
- Which steps take too long?
- Where do bottlenecks occur?
- Is there opportunity for fraud?
2. Evaluate for change: An effortless experience makes happy, compliant employees
Once you’ve figured out where the stumbling blocks are in your existing process (written or not). Plan critically for how you can improve that process.
3. Focus on saving time, so you can save money
Without a doubt, saving time equals saving money. But how does your expense process come to play here? For starters, if your process is unclear or creates bottlenecks, this leads to unnecessary time being spent possibly re-creating expense reports, digging through stacks of receipts, multiple rounds of review and a whole lot of frustration. This is a lot of unnecessary time being spent running in place.
Still not convinced it matters? If you think all those steps and repeat steps just take minutes, think in terms of a lawyer and billable hours. All these minutes being spent adds up to hours, which by the time you calculate the hourly wage of all players involved, adds up to quite a bit of money. Streamline your process, and your bottom line will thank you.
A clear, easy-to-follow and current process does more than save employees time, it also circles back to the fraud issue mentioned previously. Large or small, fraudulent expenses add up. Enough said
4. Take your expense process to the next level
There is no time like the present to take control of your expense process.
Start with vite