Managing Expenses: Use these examples for setting employee performance goals. Help your employees master this skill with 5 fresh ideas that drive change.
Managing Expenses refers to the systems deployed by a business to process, pay and audit the employee-initiated expenses that may include travel, entertainment, telephone, etc.
Managing Expenses: Set Goals for your Employees. Here are some examples:
- Work on budget reduction through improved IT expenditures and support
- Improve budget development and reporting process to the managers promptly
- Uncover any overpayments, past or present and work hard to obtain refunds
- Streamline the business development process and create a company-wide database that eliminates redundancies and increases accountability
- Implement financial controls that ensure accuracy in the acquisition of expenses
- Ensure financial accuracy and appropriateness in allocation methodologies for every department or team
- Develop a reliable reporting method that all team leaders should strictly follow
- Implement daily reporting to the financial manager with the day's goals met
- Automate month end budget reports for easier and improved reporting
- Improve the monthly reporting across the organization using specific functions
Managing Expenses: Improve and master this core skill with these ideas
- Log every single receipt. Without comprehensive receipts, you have no proof of the expense, therefore log in every single receipt immediately purchases or expenses are incurred to avoid losing them. Make sure you can authenticate every single loss in your record against the resources provided for accountability purposes.
- Tag each payment to the appropriate project or customer. To prove the legitimacy of any payment, ensure that you show how it relates to the project or the client.
- Keep business, and personal finances separate. Bank accounts should be opened separately to handle your finances and company finances. Keeping track of business receipts is made easier when accounts are separated. Even when using credit cards, be very particular on the company's expenses to be separated from the personal expenses.
- Prioritize your spending. Office spending can be very tempting which leads to impulse spending. It is important to invest in things that will make employees more productive and happier in their jobs like new computers, better lighting, etc. Prioritize the spending to components that bring back healthier productivity and a comfortable workplace for all to be able to meet their expectations.
- Take complete control. Expenses should be keenly monitored. Do not just allocate anyone to this sector rather do it up personally. It is very crucial to track and approve all expenditures coming in and out personally.