How to create and enforce a no-nonsense expenses policy

Expenses are a pain to manage for businesses and employees alike. How do you get it right up front and avoid headaches and horror stories? Here are some golden rules from multi-currency payments specialists, FairFX.

Get it down in black and white

Failing to set the boundaries results in a lot of time wasted for businesses. Providing clarity on what can and can’t be claimed is essential. Invest in the time to write up a clear and concise expenses policy, and make sure employees know where to find it. Don’t make it so strict that it prevents people from doing their jobs – make it work for your business. Write it in plain English and don’t give the reader any assumed knowledge. A transparent process from the outset will save headaches in the long run.

Give timescales

We all know the person who rocks up every few months with a raft of receipts, but hoarding expenses makes it more difficult for both employees and employers to manage finances. Giving monthly deadlines ensures nobody is left short changed.

Take the stress away

Enlisting dedicated services to help arrange business travel will take the hassle from staff members and ensure you get preferential deals. It might even make sense to have an administrator tasked solely with sorting logistics. Rather than asking employees to fork out their own cash when they’re out on the road, consider giving them a FairFX Corporate Card that can be loaded and used as and when needed.

Plan in advance

Leaving travel to the last minute can be costly, especially when it comes to currency. A rushed employee picking up currency at the airport will leave the company short changed as airports offer the worst exchange rates in the country. Likewise, knowing what countries employees will be travelling to in the financial year allows you to plan ahead and purchase currency when rates are in your favour.

Be practical and flexible when needed

There is a danger that badly handled expenses can lead to employees feeling undervalued and resentful. Make sure you manage issues in a realistic way. In a fast running business, there will inevitably be times where payments have to be made that flout the limits you set employees, but expenses needn’t be a free-for-all either.

Show expenses who’s boss with a FairFX Corporate Card

What makes it great:

• Cards can be used abroad at market leading exchange rates and low fees
  
• Benefit from up to 20% reduction in T&E spend through better control and transparency

• Increased control and transparency: staff only spend what you load

• Secure Chip & PIN Mastercard cards accepted in millions of outlets worldwide
  
• Easy account setup within 1 week and cards typically arrive within 5 working days
  
• Cards can be issued to non-UK nationals and staff based overseas
  
• Instantly increase card balances and move funds between cards

• Integrated online platform provides reporting, tracking and annotation functionality

• Mobile app allows users to check their available funds on the go and request a top-up
  
• Users can annotate transactions to let you know exactly what they’re spending on
  
• 24hr emergency card support line for queries outside office hours
• Make international payments to bank accounts abroad directly from your corporate card account using the funds from your account balance.

• Get online support, directly from the FairFX team and Mastercard out of hours

• Pay staff based abroad or freelancers by issuing cards and loading funds for them to spend

Get in touch with FairFX today to learn more about taking control of your expenses with the FairFX Corporate Card.