Your company incurs plenty of expenses, especially when you have a global workforce you send out on a regular basis. Sales reps, upper management, and remote employees have expenses that get covered by the company or are reimbursed to the employee. Accurate expense accounting helps you forecast revenue and future expenses, handle department spending, and work on your budgeting for future quarters. Sometimes departments and employees need a bit of encouragement to stay on top of their expense reports.
When reporting expenses is a major hassle, your departments and employees may choose to take the easy route and avoid it. This situation ends up creating a nightmare for accounting, so it's important to provide user-friendly ways to accurately report any costs they incur. For departments, look into project management software that tracks expenses for a particular project, task, or even individual milestones. Putting expenses in an app the department uses already puts everything in one place in a form they can easily access. For employee travel expenses, consider smartphone apps to scan in receipts and track credit card expenses. These apps often auto generate expense reports for importing into an accounting software.
Employees out in the field? They may be critical to your business but poor management of their expense can be.
Topics: accounting strategies, expense tracking
You have a lot on your plate as a project manager, from allocating your talent to meeting deliverable milestones..
