Whether you already have a company expense policy in place or are looking to create one, always keep in mind that expense policy does not only control your costs but it is also a reflection of the company culture. Having a poor expense policy can affect both your company’s cash flow and your employee’s well being and happiness.
An expense policy should be well-written, fair for everyone and easy to understand for all employees. It should help to prevent frustration, confusion, mistakes and most importantly—fraud. You should also make sure that your policies are up to date with the latest guidance from HMRC and don’t fall foul of gifting rules.
There are three main categories of expenses to set policies on:
In addition to the expense policy, we understand that the spending limit for each employee might not be the same. With Expend Flex Card, you can set a spending policy for each employee. In this way, you can reduce expense fraud and control overall spending.
Learn how you can stress-free expense management complete all in one place here