Whether you are running a charitable organisation or a financial establishment, part of your duties as an entrepreneur involves dealing with finances.
Running a business incurs expenses, and finance management is a crucial part of staying open for business.
‘Expense management is the system a business uses to process, pay and audit their business spend. These costs normally include employee travel and entertainment. Expense management systems can also be used for sole traders to manage and monitor their business spending.’ – Andrew Woodhouse, KashFlow.
A virtual assistant can help implement an expense management process to save costs and prevent overspending. Here is how a virtual assistant can help with your expense management:
- Help you draw up and implement an expenses policy.
- Assist with the creation of processes and procedures to manage your expenses.
- Track your expenses to ensure thorough budget management.
- Organise your expense receipts.
- Create detailed expense reports.
- Streamline your expense management, reduce workloads and speed up reimbursement.
Expense management has two key elements: how a business pays for their items and how they track that spend.
Below are tips for a best-practice expense process:
- Define a clear, short and crisp expense management policy. A well-designed expense policy cuts the expense bill. An expense policy needs to show employees that the company is being thoughtful about how its money is spent.
- Initiate a corporate card program. Corporate card programs are a powerful way for businesses to take advantage of great benefits like travel discounts while controlling spend.
- Establish clear accountability. Tracking and managing employee expenses is a critical part of any business. Accountability is a crucial part of maintaining your firm’s policy.
- Document the approval process. Processes are the core of your operations. Business process mapping ensures consistency and will enable you to identify gaps and make improvements. Creating an approval process which is clear and documented assists in making sign offs and authorisations simple and fast.
- Audit the processes and receipts. Regular auditing can actually make your expenses procedures work better. Auditing can help iron out the glitches in your operational procedures and help
to maintain a fair system.
- Automate the expense management process. Automating the expense management process eliminates human error and improves scalability and profitability.
We, at Global Virtual Partners, use an effective strategy when managing expenses claims by using automated expense management systems. Please contact us to learn more.