The Expenses Management Process

Know more about the process and the best way to manage it

Simplit Team

The expenses management process: It is a combination of procedures which helps manage the spending process of your business in order to save costs while providing employees with the ability to make their own spending decisions.
 The expenses management process guarantee that the spending of your business does not go incorrect, and offers critical insights to reduce the costs.

These expenses include: 
- Travel Expenses: any expenses incurred by the employees by traveling for business functions and engagement are all managed under the business’ travel expenses category.

- Technology Expenses: the costs of office information technology services are all fall under the technology expenses. The use of any software for the day to day running of the business also classes under the technology expenses management. This category is the hardest to track, as some software is billed per month or annually, the recurring expenses takes more effort to track.

- Telecommunication expenses: this type is considered as a part of the technology expenses, but it depends on the nature of the managers’ discretion. These expenses includes the used tools for effective communication in the company.

- Inventory Management Expenses: the costs incurred by a company to keep an updated inventory list and to account for available goods and services, are fall under inventory management expenses.

The ways by which you can manage your expenses are too many and differ from company to another, here are some of these ways:

- Spreadsheets: this way has long been a popular choice in expenses management. It requires the manual tracking and recording of the paper receipts and expenses reports. So, recently this way became an inefficient method compared to the use of the expenses management software.

- Software use: the use of the specialized computer programs has made the automation of the expenses management process easier. As the whole process is done just by using the software which sorts the expenses reports and allows the auditors, either to accept or reject the claims for reimbursement.

So, the automation is very important in order to manage the expenses of your business as easy as possible, without wasting your time and, and as efficient as possible without losing the paper receipts. Simplit offers a very useful online expenses management software, check our system here

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