Expense management is a real challenge for companies that are not yet up to date and haven’t undergone digital transformation yet.
Expense Reports: A True Challenge for Companies
To gauge the level of progress and digitalization of a company, managing expense reports serves as a good indicator. Indeed, it’s almost impossible for companies to avoid expense reports, as these are costs incurred in the interest of the company or for professional activities. Therefore, it is important to manage expense reports properly and efficiently. To succeed, an entrepreneur must leverage certain management strategies. Here are 5 key points to help you efficiently manage your expense reports.
Implement a Rigorous Management Policy
Managing expense reports involves a policy that defines the entire process of incurring professional expenses. For some, it takes the form of an internal procedure manual that defines everyone’s roles, the conditions under which expense reports should be considered, who can approve them, how to request reimbursement, the limits imposed. Need clarifications on economic topics? Visit the website Le Capital.
Control the Internal Process
It’s better to minimize any risk of legal issues by conducting strict and regular checks on expense reports. Thus, in the scope of managing expense reports, it is important to perform quality checks throughout the value chain; from booking to reimbursement, including validation and compliance checks. An internal control process also has the benefit of avoiding excessively long reimbursement times, whimsical approvals, etc.
Digitize Expense Management
The goal here is to facilitate the operational processing of expense reports by using technological tools. For companies that have not yet migrated, the process is more tedious, as it is done on paper, Excel, or PDF formats. Therefore, it’s better to replace this old practice with a management application accessible from any device. For example, a smartphone (which all employees are equipped with) can serve as a platform for making expense reports when they are traveling.
Master VAT Management
With the global trend of digitalization, new avenues open up for companies in VAT recovery. From a tedious and time-consuming paper format management, automation offers adequate and specialized solutions. These include:
Simplification of data collection;
Availability of digitized receipts;
Traceability of transactions, essential for effective expense report management;
Digital storage of proofs.
All these combined features make VAT management easier, simpler, and more reliable.
Archive Data in the Cloud: A Gain in Storage and Security
Digitized supporting documents now hold the same value as those in paper format. Therefore, it’s useful to store them responsibly and securely. Using a cloud service seems more interesting because it is safer and more accessible. Companies that have already moved to the dematerialization of expense reports benefit from advantages such as:
Improved spending compliance;
An absolute time saver thanks to end-to-end process automation of data management in expense reports;
Better spending control;
A more complete and reliable view of expenditure management, allowing for more informed decision-making.
