Top Tips for Writing an Effective Employee Expense Policy

Many of the problems associated with expense claiming stems from an inadequate or non-existent expense policy! It is vital to have a policy in place which is available to all employees and enforceable.

With the global changes to the way businesses operate, and many more home workers, now is an excellent time to consider if your current expense policy is adequate and relevant.

Staff Expense Management Made Easy

At Point Progress, we aim to take the frustration and hassle out of expense claiming. The tips below, for writing and implementing an effective policy, will give your expense procedures the solid foundation needed, to simplify your staff expense management.

Keep it Simple

Over complicated policies lead to frustrated employees and misunderstanding when it comes to claiming. Keeping things simple makes everyone’s job a bit easier!

Make it Clear

You don’t need to fill your policy with lots of terms that employees won’t understand. Make sure it is clear and concise.

Make it Fair

Employees become easily disgruntled when the expense policy is complicated and they are left out of pocket. Make sure all employees have the same rules (unless there is a specific exception).

Review & Adjust

Business’s change all the time. When an expense policy is written, it will be suitable to the needs of the business at that time, but that may not be the case further down the line. Regular reviews will highlight any problems developing, so that the necessary adjustments can be made.

Adopt a Policy of Auditing

Spot checks and audits of expenses is a key way to promote compliance.

Make it Available

Having an expense policy which isn’t available to employees and enforced, is a waste of time. An automated staff expense management system will make implementing the policy a breeze, and claimants are made aware of the allowances and restrictions that are set by your expense policy.

Keep to Your Part

You have written an effective expense policy, you have implemented it, made all employees aware and encouraged their use of the system in place. It’s now only fair that you make sure the claims are reviewed in good time, and paid out within the time frame set out in your policy.

Of course, using an automated expense system, will enforce your policy, no matter what the rules are, and will adapt to the changes you implement. There is no better way to ensure that claims are accurate and compliant.

Contact our team to find out how else you could benefit.