The nature of business expense has changed
There was a time when expense was limited to accounting for the cost of Travel & Entertainment (T&E) within business. However, the need for greater flexibility and to be more agile and responsive in meeting the service demands of customers has led to a situation where there is a trend for procurement to become decentralised. Employees are purchasing a variety of goods and services that stretch the definition of ‘expense’ well beyond the bounds of what can reasonably be categorised as T&E!
Examples include digital media such as Google and Facebook ads, eCommerce purchasing of goods like stationery, and online digital services like SaaS applications. Mixed in with conventional T&E, and unravelling expense elements such as card payments and assigning cost centres creates significant overhead for finance departments.
Taking control of all outgoings with a policy-led approach
Our new white paper, Expense and Procurement Policy Template, provides discussion and actionable information on the use of a policy-led approach, enabling organisations to take control of all outgoings.
- Outlines the changes that pose challenges for conventional T&E expense management
- Contains a policy template that may be adapted to the needs of your business
- Includes policies for governing decentralised procurement and credit card usage
Improve financial control with Smart Spend Management from Yordex
The paper is a useful tool that helps business leaders to develop the thinking around financial control. There are some suggestions that can be integrated with existing practice and used in conjunction with expense management tools that may already be in use.
Ultimately, the paper provides financial leaders and executive teams with insights into how it is possible to unite all the threads of expenditure and budget control through ‘Smart Spend Management’.
Get started with Smart Spend Management now. Simply click here to download Expense and Procurement Policy Template.