Properly reviewing your company's expense reports is a vital key to fully manage your cash flow and improve your profit margins. To do this, your accounting employee has to ensure that the expenses claimed for reimbursement are in line with company policy, are accurately reflected in the report and are calculated at the correct amounts. Failure to thoroughly review expense reports may result in a huge loss to the company when summed up.
For an improved cash flow, get a better handle on your company's expense reports with these tips:
For expenses with receipts
- Sort the receipts in the order listed on the expense report and take note of any expense item that doesn't have a receipt.
- Expenses filed for reimbursement should have valid receipts so be sure to examine the first one carefully and ensure that it is legitimate and not questionable.
- Find out whether the expenses have proper approval by the management.
- Ensure that all expense claims adhere to the company's policy guidelines.
- Inform the employee in case of improper documentation or out-of-policy expenses.
- Sum up all the expenses to be approved or adjusted if necessary.
For mileage review
- Evaluate each location visited by the employee to find out if there is a legitimate purpose for visiting.
- Select some of the mileage locations randomly and check the mileage accuracy with internet mapping software such as MapQuest.
- Get in touch with some of the customers visited to confirm the employee really made sales calls.
provides enterprise expenses software that is easy to use and packed with features which automate almost every aspect of expense management.