Employee expenses are a daily norm at companies. But there are so many different types of expenses – from paying for recurring software subscriptions/vendors to expensing domestic mileage for client meetings and paying for flights, hotels, meals and everything in between on business trips. The costs can add up – both for employees and the companies that reimburse them.
Let us help you out. We’ve put together a list of wishes we're sure you have (and if you don’t, now you do).
#1: Kick the corporate card habit
Drivy has seen real benefits from switching from corporate cards to Mastercard cards issued by Spendesk. According to Baptiste Coelho, Finance Manager at Drivy, “Before, it was a nightmare to order a new card from the bank. There was always so much paperwork; changing the card limit was also complicated and you had to call your advisor for every single request. With Spendesk, I control the activity volume and credit limits directly from my dashboard.”
#2: Don’t require employees to pay up front on their personal cards
To get a sense for how pre-paid cards work on the Spendesk platform, try us out for free. Trust me, you’ll probably look into using our solution for your company once you see how much better it makes the employee spending process, from start to finish.
#3: Get better visibility and control over employee spending
In the world of employee spending and expense management, it just isn’t acceptable to be unaware of what, where, when and how your employees are spending. This is where it’s important to have a dashboard that shows in real-time how employees are spending money.
#4: Do more than just write a T&E policy. Get employees to read and follow it
One reason employees go rogue with spending is the absence of a written travel and expense policy. Without guidelines, how can you expect your employees to know what’s allowed and what’s not allowed?
- Preferred vendors with corporate accounts/discounts (i.e. airlines, hotel chains, rental car providers)
- Advance booking requirements (i.e. how long prior to actual travel bookings must be made)
- Specific websites, mobile apps and/or technology/tools employees must use to search/book travel
- Reimbursable expenses (i.e. travel, meals/entertainment, transportation, office expenses, etc.)
- Non-refundable items (i.e. airline change fees, dry cleaning, airline/hotel upgrades, in-room entertainment, etc.)
- Process for payment (i.e. personal card, company credit card, virtual card, physical pre-paid cards, etc.)
- Meals & spending limits (i.e. breakfast, lunch, dinner)
- Submission process (i.e. deadlines, required forms/receipts, tools to use, approvals required, etc.)
- Reimbursement process (i.e. timeframes, non-compliance, payment methods, etc.)
- Employee safety (submitting itineraries to managers prior to travel, emergency contact info, insurance, etc.)
But it’s not enough to just create a T&E policy. You have to distribute and communicate it to your employees on a regular basis. If there are sections added or revisions made, make sure your employees know about it.
Don’t just expect them to know about it; they won’t. That misstep could lead to non-compliance with your expense policy, lost hours reconciling employee expenses and reimbursement delays.
The reality is: money talks. If you show your employees why knowing and following your expense policy could mean faster reimbursements, you will see greater compliance, more cost savings and increased employee productivity. That’s a win-win.