Managing Expense Claims
What are expense claims?
If you are a business owner with staff members who spend their personal money for something business related and they want you to reimburse it or if you don’t have a staff but you are under a company structure where your identity is completely different to the business and you purchase business related items with your personal money then you want to ensure you keep tabs on this to be reimbursed from the business.
What is the ideal method of doing running an expense claim?
The claims can be done either manually or automated. What suits your business best will depend on the frequency the claims are happening.
What is a manual expense claim?
This method may be ideal for those that aren’t the most tech savvy or for those businesses with only one or two employees who find they can comfortably manage their paper receipts and claim forms. If you’re running a micro business with only a few expenses to process then you may find an automated system is too much for your business needs.
What is an automated expense claim?
For those of us who aren’t quite as organised, saving all of our paper receipts might feel like a time consuming and daunting task. Luckily there are a few excellent systems available which allow you to submit expenses digitally. Having these automated systems set up is so important for increasing workplace efficiencies and keeping accurate records of expenses. A lot of these systems integrate beautifully with your current accounting software, meaning:
- Your staff are reimbursed quickly
- Your staff are reimbursed correctly
- You can report on all the reimbursements
- The expenses are carried into your businesses accounting, perfect for your bookkeeping and tax time.
If you’d like more information on expense claims or are after some assistance with setting up a system in your business, please contact us by telephone (o3)9424 9447 or email info@sumsubstance.com.au
You can watch Neha’s expense video on Youtube here.
