As the CEO or CFO of a reputable company, you’re constantly looking at ways and means to minimize overhead expenses and optimize the total expenses, right? But how do you do that? Considering the growing demands of organizations and their employees, this might prove to be a difficult task. But don’t worry. We’ve got your back. In this blog post, we’ll look at five powerful and effective ways by which you can better manage the expense process in your company. So without further ado, let’s get started.
1. Have a well-documented expense policy: First things first. In order to streamline your company’s expenses, you first need to create a comprehensive expense policy. What should it entail? Think of your expense policy as a guide on optimum spending. As this guide would be shared with your employees, make sure that it is written in a simple, easy-to-understand and brief manner. Avoid using jargons or legal language and keep the tone friendly. Furthermore, use real life examples of good and bad spending to drive home the point.
2. Analyze each area of expense: Now that you’ve framed a detailed expense policy, the next step would be to execute that policy by analyzing data and focusing on those categories that are prone to fraud or mismanagement and are cost heavy. You could use efficient analytics solutions to aid you in this endeavor and quickly flag suspicious transactions.
3. Automate processes for simple expenses: Once you’ve analyzed each expense category, you can segregate the simple expenses such as office equipment and simplify the approval process for these expenses. For instance, you could use auto approvals for small ticket expense reports. This would help you save a lot of time and effort. However, be sure to have antifraud procedures in place to avoid policy violations.
4. Keep it simple, silly: One of the most efficient ways to manage your company’s expenses is by automating the expense process to the maximum possible extent. This will help you engage your finance team in other productive work such as analyzing the finances and give them a respite from the repetitive, mundane tasks.
5. Prepare quarterly forecasts: Yet another foolproof method to better manage your expenses is by forecasting provisions for expenses on a quarterly basis rather than a yearly basis. This will help you prepare for unforeseen expenses and regularly monitor expense patterns.
So are you ready to take the next step and digitize your expense processes? Then here’s some good news. We at Traveo are ready to offer full-fledged support to help you better manage your expenses by providing you with your very own digital business assistant.
About the author-
I am founder of Traveo Soft Pvt Ltd which is an Artificial Intelligence based corporate Travel & Expense with Risk Management Software.
Traveo is automating Business Travel & Expense management for enterprises and helping them in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees and also offers incentive based programs to make employees , Travel Managers, HR, Admin & Finance folks happy while highlighting the risks and travel advisory related to the business tripa
If you want to know more about the interesting things that Traveo can do to make business travel hassle free for you and your employees, feel free to contact email@example.com