It’s a task that is usually put off as long as possible and universally disliked by owners, managers and employees alike—the dreaded expense report. But despite the negative feelings toward expense reporting, it’s a necessary task. Being organized can help you manage and track your expense reports, but having tools in hand that can simplify this task will help you and your employees compile and complete them in a timely manner.
Why You Need A Written Travel Expense Policy Establish the rules. Let’s start at the very beginning. The first thing you need to do is have a written policy for how to submit expense reports, what is allowable under the expense report and how reimbursement will occur. Will you provide your employee with a corporate credit card or will they have to use their own funds to be reimbursed? What is the per diem for lodging and food? This should be comprehensive and cover everything from travel to timelines for submission.
Make the process simple. Many companies fail by not creating an easy-to-understand travel and expense policy. The more straightforward your expense process is, the fewer mistakes there will be in its implementation. If the process is overly complex and time-consuming, there is a greater chance for error.
Involve employees. Employees are always more willing to do something when they have a buy-in to the policy. You’ll find that employees who are affected by the policies can use their firsthand knowledge to help identify potential problems and suggest solutions.
Use a per diem. This is a common allowance that every company gives their employees to cover basic needs like food, accommodations and travel expenses.
Learn more about how to take your expense reports to the next level! Read the full story HERE in the Fall/Winter 2018 issue of Tools for Success magazine. You can also pick up a print copy of the magazine at a Progress Bank location near you. Click for a complete list of LOCATIONS.
Ann Marie Harvey is Vice President of Communications at Vertical Solutions Media. She specializes in creating dynamic copy that is both genuine and compelling. Editing the written word is her passion.
