Supply Chain Partner

Expense Management Best Practices

Trying to save money? So should everyone at your organization. How do you keep track of your spend? How do you cut down on excess spending? What is the best way to gain an overview of your company’s employee and travel expenses? How should you manage business expenses?

The answer lies in an expense management solution, like Concur. However, turning to an automated solution is only half of the story. As with any software implementation, its success will be based on mature processes built by your business.

At SCP, we are experts in expense management and digital transformation. We can assist you in implementing a new solution, step-by-step, in order to attain the growth that you know that your organization is capable of. We also possess the expertise to guide you in crafting value-driven expense management processes that derive the greatest value from your implementation. To simplify this potentially overcomplicated topic, here’s a short guide on the best practices in expense management.

Tips For Managing Business Expense

To truly unlock the potential of your expense management tool, a rock-solid process is paramount. One that your employees are easily able to understand and implement. Let’s look at some of the best tips and tools that you can utilize in order to transform your expense management process from a tiresome, time-consuming chore to an fortress of strength.

  • An effective expense management policy
    Why is an expense policy important in expense management? In order for your workforce to be able to follow a single process document that clearly defines acceptable and unacceptable expense claims. The document should be easy to understand and available to everyone at every level of your organization – either via the company network or mobile app – easily accessible and simple enough to decipher.
  • An accessible claims tool
    A travel and expense tool like SAP Concur can truly simplify employees’ claims. This tool should be easily accessible, and available on mobile devices like phones and tablets. Automated receipt recording and compliance checking is able to drastically improve expense report processing time. This frees up your accounting staff to spend time on value adding tasks, and directs them to where their assistance is needed.
  • Collect only the most important information
    The less information you require of your employees, the more likely they are to adhere to expense policies. If you utilize an expense management tool that accepts digitally uploaded receipts or receipt images, you can streamline this process even more.
  • Establish accountability
    Your systems will only be as good as the people who use them. Ensure that your managers and supervisors are educated and trained on your expense policy, as this will allow them to make effective decisions on spend without the need to involve external assistance. This will also inform them on ways to utilize spend in order to improve business and streamline processes.
  • Make payments on time
    Finally, ensure that reimbursements are paid out timeously. No employee wants to wait months for an expense claim to be processed and paid, and these expenses need to reflect in your records as soon as possible. Making the process as foolproof as possible will reduce irritation and assist in integrating policies into your day-to-day workflows.

 

The best tools to use for this are expense management solutions, like SAP Concur. SCP is an affiliated partner of SAP, and has implemented Concur at numerous organizations across a wide range of industries. With our expertise and knowledge, we are able to guide you step-by-step to an effective expense policy, and help you to implement an expense management solution that will take hold and unlock your business’s growth potential.