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To begin with, you need to explain who sets the budgets for each team or type of expense, and who manages them. What does an expense policy need to have in it? Budgets for each expense category But what should your expense management policy actually contain? What to include in an expense policy You probably thought of this first, but here's your friendly reminder. Make sure it's somebody's responsibility to see whether team members are using it, and how it can be improved.Ĭheck the regulations! Obviously, the most important thing is to keep compliant with the local laws. This should be the same for most company processes. You want them to be able to answer their own questions, so keep it short and sweet. Almost nobody is passionate about expenses (except Spendesk!), and your team isn't going to read a novel. You shouldn't plan to treat different employees differently, and your policy needs to be applied company-wide. Employees need to know how much is allowed, and which expense categories they can spend under.īe fair. Even so, there are certain things you'll always need to include:Ĭreate clear categories and budgets. Your expense policy will be yours, and naturally it'll be custom-fit to your business. But what makes a good policy? Keys to a successful expense policy
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The most common cause of employee expense policy violations is due to lack of understanding of the policy, mixed with a low tolerance for searching out the answer to questions."Īs with most office processes, it's always best to have this written down. And they won't have to bother the CEO or finance team every time they need to make a payment.Īs the experts at Abacus explain, "policies are the best way to set expectations and eliminate grey areas for employees. It'll also give clear guidance to staff whenever they need it. Rather than coming up with guidelines on an ad hoc basis - " I don't know, let's ask the boss" - you set out the rules before anyone has even thought about spending. For starters, it helps the senior leadership team figure out how team members should spend company money. It's often overlooked, but having a formal expense policy for your business is essential. Now, let's look at a few of the big ideas covered in the guide. Basically, it's an upgrade on this here post.
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It looks at the many of the same concepts as we're about to, but in more depth.