Expense management is how a business manages the process of claiming, paying and auditing expenses initiated by employees on behalf of the company. Expenses typically relate to travel or entertainment. Expense policies, systems, governance and analysis all fall under expense management.
Companies usually have policies and procedures in place to manage the claiming, processing and payment of expenses. Expense policies should be clear and easily understandable. You can read more about expense policy best practices here.
It’s also a good idea to use an expense management tool. The tool should make it easy for employees to submit their expenses, allowing them to capture and submit receipts on-the-go. The tool should also allow business leaders to track expenses against revenue and see the clear ROI of expense spend.
Back to the top