Why it's never too late to achieve your financial goals
Spring has sprung, heralding the start of a new tax year. It’s time to dust away the cobwebs from your finance processes and focus on your financial goals.
For financial services, a spring clean of your processes provides the perfect opportunity to take control and prepare for a fresh year ahead. To help you get started, Dafydd Llewellyn, Managing Director at Concur, has put together a handy checklist of our top five inspired tips to get you started.
1. Take stock of your current processes
This is a good time to check your house is in order by reviewing your current finance processes. How traceable is employee spend across your business and are you confident it’s accurate? Put it to the test by asking your team to conduct a self-audit.
Select a batch of expenses and/or invoices and cross-check them with the approving managers as well as what has been captured in your finance system. Does it all add up? Any discrepancies could be a sign of bigger hidden problems with your processes.
2. Dust off your spend policies
When was the last time you reviewed your spending policies? This could be your T&E (travel and expenses) or invoice policies that outline how much can be spent by employees and in what situations. Are the caps you have in place for meals, hotel stays, mileage and more, still reasonable? Do you have them documented?
3. Polish up on training
As new employees can join at any time (and memories can be short), it’s important to regularly educate your workforce on the guidelines in your spend policies. Clearly communicate the benefits of good practice and how this can impact both cash flow and ROI for the business.
Be clear on what can and cannot be claimed on expenses or purchased on invoice, and ensure all spend is backed up by the right documents with the right VAT numbers included.
4. Ditch the paperwork
If you rely on paper copies of invoices and expenses being passed from person-to-person, this could be preventing you from gaining early visibility of spend. Paper processes slow you and employees down and they’re open to errors and inaccuracies.
Just ask any employee if they have lost a receipt before. Now may be the time to identify which of your paper processes you can digitise to save time and hassle in the long run.
5. Smooth out payment processes
How long does it take to pay both your employees and suppliers? If you’re consistently paying late, you could risk disgruntled employees who are tempted to pad out their expenses or unhappy suppliers who could slap you with late payment fees or not work with you in future. What can you do to shorten the end-to-end cycle?
Mobile apps can help by making it much easier for employees to submit claims so they don’t stack them up. Managers can also approve expenses and invoices on the go, so the process is never unnecessarily slowed down and everyone gets paid on time.
Concur is a leading provider of integrated travel and expense management solutions, helping drive costs out of businesses through innovation.
Dafydd Llewellyn is Managing Director of the UK SMB and Nationals team at Concur. For 13 years he’s been a central part of Concur’s success in the UK, helping businesses automate their complex expense and invoice processes. He’s seen the industry evolve from on-premise software to cloud solutions and, as someone who has spent years on the road, he’s passionate about how mobile technology can improve the lives of business travellers.
If you’d like more helpful advice, download the Top 5 Ways to Improve Control over Spend whitepaper.
This blog is one of a series of articles from our commercial partners.
The views expressed are those of the commercial partner and not necessarily those of ICAS.