There isn’t a business out there that isn’t looking to find a way to operate more efficiently. After all, in the current economic climate, keeping a close eye on the bottom line is more important than ever. You can’t afford to let any efficiency-maintaining opportunity to cut costs slip past. Whether you’re the CEO of a major corporation or operating your own small business, you’re probably looking for ways to streamline your expense management.
One of the best ways to do this is to make sure that you have control over who gets to use an expense account and which items are permissible. Too often, companies neglect to ensure that only authorized expenses are reimbursed. It might not seem like much when the costs are only a couple of dollars, but when those dollars are multiplied by various individuals over the course of a year, it can mean a substantial loss. By making sure that you’re controlling what is allowed, you’ll help ensure your bottom line stays strong. If you find that employees are failing to comply, you can provide them with concrete information on reimbursable vs. out-of-pocket expenses.
Another way to streamline expense management is setting up an expense overview schedule. Every quarter, take some time to go over the year-to-date expenses, find out which areas are costing the most, and make adjustments accordingly. For example, if you find that lodging is costing more each quarter due to price increases on the hotel end, you can research comparable lodgings at a lower cost. By reviewing expenses on a regular basis, you’ll make sure that you’re not caught off-guard by cost overruns.
One of the most effective ways to cut costs and save time is to automate your travel and expense reporting system with a product like Chrome River EXPENSE. Your company might be spending too much time and creating too many problems by using outdated expense reporting procedures. Chrome River EXPENSE shows employees precisely how much they can spend, which expenses will be covered, and when an expense falls outside the guidelines for reimbursement. Having an automated expense system allows you to easily submit expense reports, analyze spending data, and produce proper documentation when it comes time to submit annual budgets and file tax returns.
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