What is expense management? 

When we say, ‘expense management’, what we really mean is the processes and systems used to request, authorize and pay your employee-specific expenses. These expenses may be travel (i.e. train tickets, food or hotel bookings) or work related.

In order not to upset your employees, set your business back, or miss out on claiming back your rightful tax deductions, you should work towards organizing your expense management process better. 

Here are some tips how HRMatrix helps you to improve your business’s expense management.

1.Organize your paper trail

If you process employee expenses manually, the chances are you physically manage and store paper documents.

In order to ensure each expense is tracked and processed accurately, you’ll need to keep a rigid filing system for your forms, invoices and receipts. Ultimately, any lost paperwork could void your expenses or lose you your tax benefit.

To keep your team organized, try to deal with your expense management paperwork regularly and in little chunks. HRMatrix expense management system will help you to keep a close tab on your documents. Alternatively, switch to a digital tool to avoid any lost files.

2. Keep expense paperwork away from other files

We know. It’s annoying to sift paperwork into dedicated stacks or filing cabinets, particularly when you’re busy. But, gosh, separating expenses from other financial documents will save your HR team a lot of hassle.

Additionally, it’s useful to open a bank account and dedicate it entirely to your business expenses.

3. Reduce your paperwork stack

In some instances, you may be able to take some of the paperwork off your to-do list. For instance, if a group of your employees are booking out rooms in a hotel, try to complete a group booking. Less receipts, less hassle, and you may even gain a nice discount!

Ultimately, any predictable expense will be easier to track and manage, so bear in mind any future work trips or socials.

4. Reduce the risks

When processing employee expenses, there are plenty of risks to take into account. One of your colleagues may lose a receipt. Another may be requesting money back for something that doesn’t even as a business expense.

It’s hard to avoid these risks in their entirety, but there are small steps you can take to reduce the risk. By using dedicated bank accounts, communicating a list of authorized vendors, automating your processes, and using an HRMatrix Expense Management HR Module helps to manage your receipts, you can avoid troublesome problems.

5. Automate, automate, automate

Automating your expense management process will save you time, money and confusion. We promise. This means you’ll cut costs on printing, reduce the likelihood of losing forms, and do your bit to better the environment.

Here are some incredible benefits of expense management automation.

  • Automation completely cuts the need for paper forms. This means you’ll cut costs on printing, reduce the likelihood of losing forms, and do your bit to better the environment.

  • You save time (and money). Manual Expense Management isn’t time efficient and, as the files mount up, you could be spending more than you’d like to on stationery and printing. By taking your expense management online, you’ll complete your processes in a timely manner.

  • Peace of mind. When a paper form is sent off for approval, its fate is uncertain. By tracking expenses online, employees can rest assured that their requests have been approved or are pending.

You can better your budgeting. By having a complete overview of your employee-focused expenses, your HR department can better predict expenses.

So, what do you think? 

Are you ready to scrap the endless spreadsheets and paper forms and embrace the extraordinary world of digital expense management?

If so, we recommend taking HRMatrix Online Expense Management Module. It’s simple, intuitive, affordable and takes the pain out of expense management. What more do you need?