It’s important to have a process in place for managing expenses. They are often deductible expenses that you can claim back at tax time and it’s vital to keep track of business spending from a cash flow perspective.
The easiest way to manage business expenses and process expense claims is to use software such as Reckon one which helps you automate and manage the entire process. You must also ensure you have a policy in place for employees to follow, so they know what expenses are allowed.
We also recommend checking all employee expense claims and building an approval process for your expense management.