How to spring clean your business expenses
It’s that time of year when we look at those strange objects in the garage and suddenly remember what they’re for: barbecue, patio furniture, lawnmower.
We dust them off, fix any breakages and make sure they’re shipshape for the summer ahead. And it’s something which also needs to be done when it comes to business expenses management.
We need to take stock; to tighten and refine areas before they turn into costly and resource sapping problems. So here’s a quick Webexpenses guide to spring cleaning your organisation’s expenses.
Review Expenses Policy
It’s essential for an organisation to have a robust expenses policy that clearly sets out the general attitude towards expenses, together with detailed guidelines on what is and isn’t acceptable.
But the trap many fall into is setting up an expenses policy - and then forgetting about it. As economic conditions change and new legislation is introduced, the expenses policy also needs to change.
End Business Mileage Madness
One of the biggest causes of costly and exaggerated business expense claims has always been mileage. With 43 percent of business travellers admitting to overestimating their journey distances, it’s a significant drain on company resources.
The solution is absolutely free and available to anyone who’s using the Webexpenses solution. The mileage tracking feature of the Webexpenses app enables employees to track their exact journey, using the GPS technology of smartphones.
Choose Business Travel Wisely
It is natural for organisations to fall into certain patterns over the years. There are certain industry events and conferences which are pencilled in at the start of each year.
But it’s also worth taking a fresh look at which of those are really working for your organisation and whether they can be justified. It doesn’t necessarily mean cutting travel but looking for fresh opportunities that could offer more ‘bang for your buck’.
Enforce your expense policy
A common problem with expenses is that a company has a fair and robust expenses policy - it’s just that nobody knows about it. It’s a difficult task to get employees to read and absorb any kind of policy document.
But with Webexpenses there is a much more effective way to keep your company’s guidelines in the minds of employees using the system of automated messages and reminders which can be enabled for people using the software.
By taking a look at some of these areas and dusting off your expenses policy you can catch issues before they turn into costly problems - and get back to fixing that wonky barbecue stand.
To find out how your organisation can create a robust expenses policy, download our free guide.