Here’s how you can integrate expense reports into your overarching financial strategy:
Review expenses and analyze if they help your business generate more revenue, reduce costs, or increase profitability.
Use expense reports to predict expenses when budgeting for the next period.
Study expense reports to find areas where employees overspent and come up with a strategy to control those costs.
Use expense reports to understand the impact of various expense categories on your business and make data-backed decisions.
Information in the expense report can tell you if your policies need a change. Use expense report data to see if your spending limits need a revision or if you can negotiate better deals with a different vendor.