Managing Business Expenses: Tips For Start-Up Leaders

by Startacus Admin

Want to manage your business expenses more effectively? Check out these practical tips which should help...

Running a start-up organisation is always going to be a hard task, but in 2022, this is made more difficult by the tough corporate world we live in. 

Start-up businesses face many challenges as they work to grow and prosper in today’s competitive corporate landscape.

As such, time-consuming processes such as managing employee expenses can be tiresome and hinder your company’s progress.

Offering your staff the opportunity to make expense claims can save you time, as it means you don’t have to manually authorise and buy everything for them.

However, if you don’t put in place the right policies and manage your expenses process correctly, then you might find your business vulnerable to fraud or human error.

If you’re a start-up business leader looking to manage your business expenses effectively, then read on for some practical tips. 

Create A Company Expenses Policy 

It’s important that your staff understand what the company expenses policy is, so if you don’t already have it written down clearly on a document, then now is the time to do so. Create a clear and concise policy that explains what is acceptable as a company expense and what is not. Ensure that this document is made readily available to both new staff and existing team members and that they all understand the importance of following it. By having a clear company expenses policy in place, you can ensure that your staff understand the rules, and you can enforce them if someone does not follow them. 

Provide Virtual Company Credit Cards

Company cards can give your staff the freedom to pay for items that they need for work on the go. While traditional credit cards and expenses forms can be time-consuming and difficult to manage, offering a virtual company card  can streamline the process. Payhawk offers an innovative card with a unique expenses and reimbursement platform, so you can see all the information you need in one place. You can then save time and make the process of entering expenses and paying them simpler for both yourself and your team. 

Adapt As Your Business Grows

As your business grows, your expenses policy will need to change also. As a result, it’s important that you review your policy every few weeks in the early stages of your business’s growth to ensure that it remains fit for purpose. As your company gets larger and you add more divisions and senior team members, you can delegate the task of managing expenses and create additional policies to ensure that your company’s expenses processes and policies are fit for purpose. 

It might take some time and experiments to create the perfect employee expenses plan for your growing start-up, but this is an important step in your company’s growth. After all, allowing your staff to purchase items for work and be reimbursed shows them that you have faith in their judgement and saves you having to order everything for them yourself. Use these tips to streamline your process and drive your team towards the success you desire. 

 

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Published on: 28th February 2022