Expense Management is not just software or staff, it’s a process.
Here are Fexco Expense Management Services top 5 tips for higher compliance rates, lower processing costs, and maximum efficiency.
1. Have a clear, defined expense policy and work-flow and make sure everyone is fully trained in these and knows how/where to access information.
Getting buy-in from top to bottom of your organisation is essential. Training and access to support is an on-going requirement. Starters, leavers, ad-hoc and even regular claimants have questions on policies and procedures and these must be addressed promptly and efficiently if costly re-work is to be avoided.
2. Configure your expense management system in accordance with your policies and work-flows.
A well-configured system increases policy compliance and ensures that the claimant, line manager and auditor are alerted to address out-of-policy transactions.
3. Make sure expense claims are audited prior to payment.
Line Managers approve for reasonableness. However, the administrators’ review to approve for payment is essential for maximum compliance and to provide that necessary feedback for the continual improvement of your processes. A pre-payment audit sets a standard of corporate compliance and a culture of responsible governance across your organisation. Ensuring that claims are correct prior to reimbursement means that only correct and verified data is being fed through to your ERP system – so your organisation will never be challenged by having to retrospectively correct records and payments.
4. Have a mechanism to manage the paper-flow.
Even if your process-flow centres on the submission of scanned images of receipts, there is always a need to manage paper in the T&E and commercial card space. Having a seamless document management process means that your company will have central control and a repository when access is required for audit purposes or Revenue Authority inspections.
5. Be prepared for the exceptions.
As with any process, it is the out-of-course situations that cause problems and impact your organisation’s time and resources. Having ready a set of solutions to address challenges such as missing receipts, manual claims, event and purchase card reconciliations, procedure defaulters, etc., will eliminate resolution costs and will keep your processes smooth and transparent.
If you would like to speak to someone at Fexco EMS regarding the services we provide or would like a free trial of our Expense Manager employee expense management software, please contact EMSmgt@fexco.com or visit our website.