3 Effective Tips For Business Expense Management In 2015

Too often, company owners looking to achieve a high rate of business growth are overly focused on revenue generation to a point where they start neglecting the importance of proactively managing business expenses.

Maintaining tight control over variable and other type of expenses is essential for reducing costs and maximizing profits in your corporation. To date, there is no 100% fool proof method for completely streamlining expense management for any business.

However, there are management procedures and tips that provide a gauge for the process. Here are 3 tips for business owners to implement in 2015:

Pre-paid staff expense management

A whole new suite of mobile applications for Android and iOS are available for business owners to create prepaid expense card pools for staff members. Apps like PEX Mobile make it easy for you to control expenses because staff members have immediate access to funds while limits can be placed on certain types of spending.

Businesses can also use accounting mobile apps to connect their accounts to expense information arriving from the bank. New employee expense information can be uploaded to keep profit and loss statements updated, and detect any unusual activity. Some apps also accommodate multiple expense feeds, including credit card expenses.

Expense management SaaS solutions

Expense approvers want visibility into the charged expenses to the cost centers under their control. Yet they want to see what’s relevant to their responsibilities. Chrome River points out that SaaS solutions for expense management can separate expense reports and intelligently send only relevant transactions to departments who need to view them. These functions can be performed online, via a simple browser, making it easy for approvers to perform their duty.

To function efficiently, finance departments require tools that enable them to never say ‘no’. With SaaS solutions, users can configure flexible expense routing and policy compliance. Compliance is based on having access to the right information: Some SaaS offerings will include screens to be configured so that the right balance of simplicity can be obtained. These implementations make sure your expenses are being appropriately managed and watched every day.

Report reviewing and auditing

Establishing a reviewing and auditing system for business expenses in early years of the business works in your favor. It is crucial to include all elements, including new expenses acquired by the business and staff member salaries, as time goes by. Adding more expenses is convenient than backtracking. Review and audit on a weekly basis to reflect changes to operating and payroll costs.

This is where an EMS (expense management system) can be useful. It can be installed on company servers to calculate the cost of current processes and estimate the return on investment. It also has the ability to strengthen your company case when it comes to changes.

At the end, don’t forget that line managers, travel managers, staff members, the finance team, and those responsible for company expenses have to use the software, so designing software training programs in advance is helpful.

The final suggestion is to get a good night’s sleep. If you’ve selected the right expense management software, it will reassure you that everything is being recorded accurately and is under control. This means you have less risk of errors and more likelihood of compliance with expense management and reporting rules.