Expense management can quickly become a headache for any company. Time-consuming and without the slightest added value, the expense handling process represents a real loss of earnings. In fact, in addition to the 20 minutes spent by the employee filling in the various documents, the entire process for an expense claim is estimated to cost around €53. However, with a few tricks up your sleeve, you can control your expense reports very easily.
Control expenses
Controlling expense reports starts with controlling expenses. If you don't control this parameter sufficiently, you run the risk of seeing a bit of everything, both in terms of amount and type of expense.
1. Set amount ceilings
What better way to prevent expenses from spiraling out of control than to set ceilings? For each type of expense, you can set a maximum amount that must not be exceeded, specifying that the employee will not be reimbursed beyond this limit. While it's important to ensure that the amounts are consistent with the type of expense, you can be sure that this will limit abuse.
2. Provide a suitable means of payment
It's perfectly possible to provide your employees with a suitable means of payment, and the advantages of doing so are manifold: + Employees can pay their expenses directly from the company account, avoiding the need to pay in advance; + Everyone saves time, as there are no reimbursements to make; + Depending on the method of payment chosen, you can define a maximum amount that the employee may not exceed.
When we suggest that you make a means of payment available to employees, we're not talking about leaving the company cash register at their disposal, or multiple copies of the boss's business card. Prepaid cards, on the other hand, are a really good idea if you want to be efficient. Credited with a certain amount in advance, they can then be used to pay for all purchases, just like a conventional payment card. With the Anytime pro offer, prepaid cards can be managed remotely by a manager, who can change the limit on each card and even block some of them if necessary. It is also possible to use the virtual prepaid card, which is used exclusively to pay for online purchases, with a high level of security.
3. Clearly defining limits
In your expense management policy, you can also define which expenses are covered and the precise framework in which this applies. For example, a 4* hotel is only accepted if there is no possibility of less expensive accommodation.
While certain expenses must be legally covered by the company, it's up to you to set the limits to avoid abuse.
4. Track down false expense claims
Being reimbursed for expenses that are higher than those actually incurred, being reimbursed twice... The tricks used to squeeze out a few pennies are varied and, unfortunately, more widespread than companies like to think. In fact, a study has shown that fraud involving false expense claims concerns almost 15% of companies, and represents an average of over €700 per employee per year. While this may seem like an exaggeration, it can be important to put in place a process to track down false expense claims. Alternatively, abolishing the expense claim by adopting a system like Anytime's bankless pro account offer, is also a reliable way to stop being ripped off.
Controlling reimbursements
The second aspect to consider when optimizing expense management in your company is the reimbursement process. Observing certain rules can be the key to saving time, but also to avoiding tensions.
5. Establish a strict procedure
If you really want to maintain an expense claim system, we strongly recommend that you introduce a strict management method. Once set up, communicate the operating mode to everyone, specifying that any expense claim that does not fit into the process will not be processed.
While a few reluctant employees may try to slip through the net initially, this will not last if the finance department takes care to return invalid expense claims to the sender.
To avoid generating tension, make the process as simple as possible, and get the message across that following this method saves everyone time, and means faster reimbursement.
6. Set a time limit
In addition to the method of transmission, don't hesitate to set a time limit for requesting reimbursement. The documents will then be transmitted on time, so that the finance department doesn't have to waste time chasing receipts. Similarly, the accountant won't have to waste time entering entries several months later.
7.centralize receipts
Retrieving valid receipts is undoubtedly the most time-consuming part of the expense claim process. To save time and improve clarity, choose a single method of transmitting receipts and invoices. For example, you can set up a dedicated e-mail address for use by both suppliers and employees. This way, the finance department and the accountant will have all the necessary receipts in one place.
8. Centralize subscriptions
Whether it's online services such as keyword purchases or advertising inserts, or SaaS software, for example, subscriptions can be plentiful within a company. While subscriptions are convenient for those who use them, they can also be a real headache when it comes to managing invoices and payments.
Using a new-generation solution such as the Anytime pro offer, comprising a bankless account, physical and virtual prepaid cards and an online application, makes management easier. In fact, a virtual card for recurring use can be generated to manage subscription payments, while invoices can be retrieved automatically. A far more practical solution than having to visit each provider's personal space every month to download invoices.
