The Blueprint of a Best Practice Expense Process

The Blueprint of a Best Practice Expense Process

Employee expenses in all businesses follow a similar path – submit, approve, audit, reimburse and report. Every business handles each stage to varying degrees of success. If every step is simplified and streamlined, then employees are paid faster, compliance increases and spend visibility improves. But many businesses struggle to get things running smoothly. How do you know if your expenses are being managed as efficiently as possible?

We examined the stages of a typical expense process and created a best practice blueprint covering the following areas:

1. Submitting claims

2. Manager approvals

3. Data processing

4. Auditing and compliance

5. Reimbursement

6. Insight and reporting

By examining each stage in detail, you can discover what’s working, what isn’t and how to improve the processes in your business.