35. Expense Management Best Practices Develop, communicate & administer an effective travel policy Revisit as business conditions change Automate entire financial process Do not simply replicate your current manual process Many expense reports begin with Travel, your expense management program should also Corporate card program must be part of automation strategy Eliminate cash advance and or use of personal cards Develop a receipt management strategy Leverage the electronic information available to eliminate paper management
36. Expense Management Best Practices Integrate payments & reimbursements Payment strategies can drive savings and minimize risks Implement multi-level audit strategy Systemic (Audit rules) and independent Human audit Analyze your spend and return to the first bullet and re-visit all of the other components Smartphone must be a component of you expense automation strategy 7 of 10 travelers use a Smartphone today, so should your expense management process
For many companies, a manual, “man-power” driven process is the norm – it’s the way it’s always been done and it works.This approach may function fine…but does it function well? Does it make sure your employees are able to focus on their jobs?Does it consume too much of your finance and travel team’s time?Is it accurate?Does it give you the information you need…when you need it…to manage budgets and negotiate with vendors?
For many companies, org structure and technical barriers have been created between the disciplines of travel and expense – those barriers are difficult to break down.
Many companies find themselves with multiple travel and expense systems and processes as a result of acquisitions, mergers or simply growth.Without consolidating, you risk: Redundant processes, technology and dataInaccuracies as information gets locked up in silo’d systemsIncreased time and costs of managing multiple software systems
We’ve created a seamless system that pulls it all together – from booking travel or making a purchase on a corporate card through payment and the audit , reporting and analysis of your company’s spend. So this is why Concur is different…It’s one platform, one user experience, one service, and one set of reconciled data
We’ve created a seamless system that pulls it all together – from booking travel or making a purchase on a corporate card through payment and the audit , reporting and analysis of your company’s spend. So this is why Concur is different…It’s one platform, one user experience, one service, and one set of reconciled data
But of course travel is only one piece of the puzzle. We also have an expense app, so users can create, review and approve expense reports and manage receipts right from their smartphone. Here’s how it works:NEED TO ADD DETAILS HERE.
Put another way: you need insight. With insight into how your company and employees are spending their budgets, you can more effectively negotiate with vendors, create budgets and manage compliance.But you can’t spend hours, days and weeks compiling reports. You need to put that time into ANALYZING your company’s spending and PLANNING for tomorrow.
Optimize Corporate Card usageDetermine supplier volumes and share to set negotiated contract goalsImplement configuration and processes to steer travelers toward cost-efficient optionsIdentify travelers whose spending is out of policy or above the normEnsure negotiated rates are offered and applied to transactions