10 Tips for Effectively Managing Your Business Expenses

You probably don’t love managing your expenses, but that doesn’t mean you have to hate it!

Whether you’re tired of expense management being its own unmanageable expense or whether you’re at your wit’s end with the huge pile of receipts and paperwork to be dealt with at the end of every month, these ten tips will help you whip your expense management system into shape!

1. Automate as much as possible

Why waste time on piles of paperwork or unwieldy spreadsheets when your system could deal with that for you? Automate your expense claim process and never worry about paperwork again!

2. Claim and approve from any location

Waiting until you get back to the office to make a claim can be a real hassle, and can lead to mistakes or forgotten claims. Record your claims from your mobile device as you spend and submit them immediately, enabling a faster and more accurate process.

3. Do your part – protect the environment!

If your expenses process is 100% digital, those mountains of paperwork and receipts sitting on your desk can be reduced to nothing. Save time and desk space, and save the trees – it’s the best of both worlds!

4. Keep it auditable

When it’s time to audit your expenses, what would you prefer: piles of unsorted papers, many of which are missing or incomplete, or easily searchable and consistent digital records? We know what we’d choose!

5. Stop hoarding receipts

It’s the end of the month and you’re swimming in little pieces of paper. Was this one a business expense or a personal expense? Is there something missing here? This one only has a cost on it…what was it for? Avoid this all-too-common scenario by taking a picture of your receipt, storing it in your expenses system along with the relevant info, and throwing the paper copy away. You’ll never have to wade through a pile of receipts again!

6. Avoid mistakes

“To err is human, but to persist in error is diabolical.” We’d like to think that Seneca the Younger was talking about his expenses process when he first said this! Avoid common human errors – which can be the difference between a £5,500 purchase and a £55.00 purchase – by using an expenses system that automatically validates all inputs and does most of the data entry for you.

7. Keep it simple

A simple process means less time spent training and more time spent doing!

8. Predict the future

You don’t need a time machine or a crystal ball to predict your future expenditures — by storing all claims in the same system and making them easily accessible, you can perform accurate analyses of your data, identifying any spending patterns, recurring trends or problems with your expenses process with ease.

9. Make sure everyone sticks to policy

Enable your system to automatically deal with policy violations or unusual claims and you’ll be able to stop false or fraudulent claims in their tracks.

10. Avoid that last-minute panic

A simple system that can be easily accessed from anywhere at any time, and that can process claims at a fraction of the time taken by traditional paper- or spreadsheet-based systems will save you and your employees that last-minute submission day panic. There’s no need to leave everything until the end of the month when making claims is so easy!

brochure-pages

If you’d like information about Expenses&HospitalityPlus, which can provide your organisation with all of the above and more, visit www.erpaas.com, or click here to view and download our brochure. If you have any questions or thoughts, feel free to leave a comment below, contact us via Twitter, or send us an email at info@erpaas.com.

(This post is part of a series of posts showcasing the benefits that each of our PolicyPlus applications can bring to your organisation. Click here to visit the original post and view a list of all the posts in the series.)

Published by

ERPaaS

As the creators of Business Systems Personalisation, ERPaaS enables your employees to focus on the things that matter by automating the knowledge of your people and delivering it in a new breed of business application that we call ‘Intelligent Services’. Visit www.erpaas.com for more info.

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