In response, finance teams must adapt their expense-management processes.
As companies adjusted to a newly remote workforce over the past year, many questions arose, such as: How can finance teams better manage their company's expenses? How can they get better visibility into spending in real time? How can employees efficiently make purchases from anywhere? To keep pace, finance leaders must take action. Implementing the right tools can help them control and monitor travel and expense costs, change and communicate policies, and adapt to whatever changes lie ahead. Here are some tips.While employees need to familiarize themselves with standard T&E guidelines , they also need to know how policies apply to expenses beyond travel.
When the rules aren't clear, managers and finance teams have to enforce policies after the fact — an inefficient process that causes frustration for everyone involved. Creating and communicating these policies — especially as they evolve — will help finance teams adhere to budgets, reduce headaches, and cut the time needed to review expenditures.
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