What is an Expense Policy, and do I need one?

An expense policy is a document created to outline the rules laid down by the company on types of expenses employees can claim back on, and how to submit such an expense. Every company is different, so every policy reflects this in being unique, however they largely contain two parts, travel and expenses and how to claim.

Travel and Expenses

T&E outlines what expenses can be claimed back on when your employees travel for business, as well as recommended suppliers and methods of transport. It’s important to have a document which highlights this so that you can effectively control and manage expenditure, and ensure everyone in the company is on the same page.

Why should I create a business expense policy?

It can sometimes be a little unclear on what people can make an expense claim on, and an expense policy clears this up. A concise clear policy not only increases accurate claims but reduces confusion which can often lead to frustration and mistakes. It can even limit expense fraud. Not only will your employees be happier, but it means your finance department can gain better control and insight over expense forecasts.

First things first

It may seem daunting to start, but there’s plenty of help and support out there on where to begin. There are plenty of free to use templates online, or you can chat with us to create a totally unique policy just for you. Once you have this down, it can be easily implemented into Capture Expense so that you don’t even need to remind employees of what they can and can’t do, it will automatically show up in the app when it is relevant.

Create multiple policies

Different departments and even different branches will require different policies, so with Capture Expense you can assign different policies to these sections. You can also add policies for travel, card payments, etc. Whatever you want to add a note or caveat to, you can.

Set maximum spend

You can also set maximum expense amount limits, allowing for greater control over company expenditure. You can set overall rules or more defined specific rules, depending on your unique needs.

Automate the process

Using a smart expense management product is the key in ensuring expense policies are successful. When using Capture Expense the whole process becomes integrated and fluid, meaning errors, duplication and out of policy expenses are reduced. This not only speeds up the expense process but saves you money and time in the long run.

Get started today

It’s never to late to join the future. Technology has made it so we have super computers in our pockets, so why are you still using old documents and excel templates to process your expenses? Get in contact today to see what we can do for you and the future of your company.