Exhausted By Your Expenses?

Exhausted By Your Expenses?

When it comes to running a business, administration often gets in the way. It’s all too easy to waste a day answering emails and filing accounts, let alone actually getting any work done. Hence why most managers either delegate these tasks or get strict with how long they spend on them. But, no matter how many plans you put in place you can bet one admin job will come back to bite you time and again.

In case you hadn’t guessed, we’re talking about expenses. They’re an unavoidable and crucial aspect of any working environment. And, it’s not a job you could hand to other staff members. After all, if you don’t keep a close eye on things, they could file whatever they fancied. That would soon leave you out of pocket. But, does that mean you have to waste hours each month sorting through receipts? Of course not. Instead, make the job easier on yourself by considering implementing these three things.

receipts

 

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Be clear on the rules

This may seem simple, but you’d be amazed how much smaller your expense pile will be if you’re clear on the rules. While your staff should never have to pay to work with you, your employees can soon cost you money if you aren’t clear on exactly which expenses you’ll pay. 

Things like train tickets and office supplies should naturally make it onto this list. But, you need your staff to know that their lunch sandwiches don’t count here. Add a small section into your contracts stating which expenses you will and won’t pay. This simple move will drastically reduce the number of expense claims you have to deal with. Just like that,  you’ll be able to save yourself time and money.

Don’t wait to automate

Automation is significant in every aspect of business, and expenses are no different. How do you like the sound of not having to inspect every expense claim with a fine-toothed comb? Well, expense report automation like the option DataServ offers in their P2P package could help you do just that. By drawing on expenses from past months, a system like this can predict your outgoings. It can also scan and approve expenses, so you don’t have to check each one coming in. In short; automating this process can save you more time than you could imagine. So, don’t hesitate to automate!

Get an accredited accountant on board

If your team is large enough to warrant it, it’s also well worth getting an accredited accountant onboard. By turning to someone with experience, you can rest easy they aren’t going to alter expense forms to suit themselves. So, you won’t need to worry on that front. Then, make sure everyone knows to give any receipts or claims straight to your accountant. You could hire someone full-time here, or just have them in the office once a week. Either way, your expense worries would be well behind you, and the hours of your day would be free for more important things.

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