Implementation
Creating expense policies and workflows that will serve as the cornerstone of expense management. Expense policies include which employees should receive a corporate credit card, individual limit amount, items required for each transaction, and approval process. Setting up the expense policy based on the organizational needs reduces time spent on expenses.
Expense Management (On-Going Support)
The majority of the time and effort is spent on expense management. During this time the expenses are only paid based on the company policies. Corporate credit cards expenses are reviewed, categorized, and synced with the company's financial software. Invoices are received, reviewed, approved for payment, and payment is released to the vendor. Research and/or follow-up work will occur to understand business corporate credit cards expenses and invoices to ensure that the financial statements are accurate. Having a streamlined and centralized process for expenses will reduce the time required spent on expenses without sacrificing accuracy.
Maintenance & Adjustments
Changes or updates will occur to vendors, issuing cards to new employees, increasing or decreasing card limits, or making any adjustments to the expense policy. Making the necessary updates the systems ensures communication and safeguards are maintained as the needs of the organization change.
Reporting
Review and monitor reporting on spending, policy guidelines, and processes. Provide reporting feedback to key shareholders of the organization. Assist with setting up custom dashboards for various reports for other employees.
Feedback
Recurring meetings with management to discuss evaluating the process, assess what is working well and determine if any changes in process need to occur.
Understanding any changes to the business, new employees, vendors, and the business outlook from an expense prospective.