Expense policy advice for quick-growing companies
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Here’s why you must keep a close eye on what employees are spending.
Your business may be in the fortunate position of growing quicker than imagined, adding new staff, logistics and resources to cope with demand. If so, it’s likely you’re caught in the headlights of opportunity, unsure where to turn but glad you have the freedom to do so.
However, with so much to manage, there could be a pothole on the way to becoming a bigger company. We’re thinking of expense policies, which are going to remain a deciding factor for your profit margins. Every business needs them; are yours going to be robust enough moving forward?
Create a template for your expanding culture
They may seem like a minute part of your venture, but expense policies are more than a frivolous run of small-print on a contract. In fact, they carry a fair bit of weight – every staff member you hire will read, compare and digest them, seeing what they’re entitled to.
Therefore, we can see expense policies as a bedrock for how you’ll treat people – i.e. recognising they’ll be compensated for any necessary pay-outs. State a clear list of expenses when finalising a new hire. They should be fair and universal. If adjustments are due, notify the team, and consider building an online resource so anyone can refresh their memory.
Set digital reimbursement reminders
Paper-based accounting is a thing of the past. We’re guessing you’ve got some affinity for digital tools, such as apps and downloadable finance software.
Use them to schedule alerts for who is entitled to what on the payroll. Falling behind on reimbursement promises is going to breed resentment in the workforce. Staff have to know that you’ll pay them back – ultimately, a digital reminder system won’t let you forget that X or Y is meant to be hitting a payroll account this month.
Plan ahead for the best deals
As the team gets bigger, it’s important not to scrimp on the quality of expenses, even as the quantity rises. We’re referring to, for instance, a decent hotel for long-haul journeys, a fair limit on food/drink budgets, and fuel stations that don’t take drivers too far from their prescribed routes. Convenience is key, just the same as getting great value for money.
Any expense policies can benefit from a fuel card network. It gives you discounts at thousands of petrol and diesel sites in the UK. When paired with GPS tracking, fuel cards show drivers where they can top up and save cash on their journey.
Allstar can also help with further expenses, such as hotels, repairs and maintenance. The Allstar Plus card, for instance, is very adaptable, granting fleet staff access to nationwide price cuts. By implementing our expense savings tools, your business can keep its eyes on the future, instead of worrying about where people are spending those funds.
Contact us for more information on expense policies, so you can eventually take your hands off the micro-management wheel.