Managing Business Expense Report in a New Company

Managing employee expense reports don't just only make it easy for you to increase productivity but also help you boost your visibility into your company expenses in a clean, precise way. When it comes to traditional ways of expense recording, no one looks forward to filling out tedious amounts of paperwork after a long business trip or exhausting project. However, with the latest cloud based technologies you can easily maintain crisp records of employee expenditure for better accountability, which is critical to the success of a newly established business.

Here are a few ways you can promote ease and transparency in management of employee expense reports in your startup company: Make Sure Your Employees Understand Your Company's Travel Policy Guidelines Before you move onto recording employee expense reports, publish your company's travel policies on your intranet or any other platform which is frequently visited by employees. This is specifically critical for startups. It is good to explain the policies upfront rather than breaking it to the travelers with a rejected expense claim. Added to that, the guidelines you promote should also be an integral part of your expense tracking system.

For example, if your organization requires a receipt for all expenses made over $30, your employees should be required to give an explanation in case they fail to present a receipt. If your organization doesn't reimburse any expenses made over 90 days ago your expense system should be able to enforce that policy for you.

Also consider automating expense entry procedures to make it easy for employees to create reimbursement requests. Choose an online expense tracking software that is straightforward and provides a simple user interface. Keep in mind that most employees don't want to feel like they work in the accounting department when filing an expense claim therefore; implicate default general ledger accounts so that travelling employees find it easy to claim their expenses. Focus on reducing the number of decisions your employees need to make when filing an expense claim to promote the idea of filing them as quickly as possible.

As a startup you need your employees to be fully dedicated to the growth and success of your business and by making the process simple you an easily manage employee expenses.

Another way you can ensure that employee expense report claims are managed efficiently is by using mobile technology. There is a number of business finance software available on the market that can help you integrate GPS mobile technology in your business operations for better accountability. You can setup policies like taking snapshots or scanning receipts as soon as expenses are incurred while the GPS technology can keep track of travel logs with complete details.

When it comes to startups you need to ensure that employee expense claims are managed effectively so that you can lay the foundations to future business success and promote employee career growth.