Expense Management In An Economic Downturn

Expense Management is a dull and unpleasant process. This is true both for employees who need to submit claims and also for Finance Departments and Compliance Officers who are required to manage the process.

Like visits to the dentist, its something that most people put off as long as possible and invariably end up enduring more pain and unpleasantness as a result.

In times of economic uncertainty the spotlight of scrutiny is pointed even more brightly on an organisations Expense Management processes and procedures. Badly managed or non existent systems can lead to problems with taxation compliance and maverick spending by employees.

Expense Software such as our own expense@work can of course provide the framework within which policies can be enforced, however the onus is firstly on the organisation to agree and document policies which can then be enforced using appropriate Expense Management Software.

The Aberdeen Group are regular publishers of surveys on this subject and their most recent report makes for interesting reading:

80% of organisations have seen their T&E expenses increase by an average of 14% in the past 12 months.

The main drivers for implementing Expense Management Solutions are firstly, access to data and visibility of employee spend and secondly, concerns regarding compliance with company policies.

One of the most effective actions which an organisation can take to control costs and ensure compliance is (not surprisingly) to implement an Automated Expense Management Solution.

Regular reviews of the data available from these systems can have a dramatic effect on compliance, employee spend and the organisations bottom line.

It’s a publication worth reading for organisations who are considering implementing a solution and also for Sales Professionals and Consultants who are advising clients on their choice of Business Solution Software.