Here’s a couple tricks to make the process easier:
- There’s no need to collect receipts for EVERY transaction. Many companies only require receipts for transactions over $75, the IRS cutoff.
- Use corporate cards for heavy spenders. Your big spenders may like using their personal credit cards to rack up points on businesses expenses, but this is not always in the best interest of the company. Firstly, the employee is incentivized to spend more to get the most miles. Secondly, if they are not reconciling on time, you may not realize how much is being spent for weeks / months after the purchase.
- Automate all the things. Find an expense solution that minimizes any input that employees have to do. For example, modern solutions should recognize that a transaction on United.com is 99% likely to be Travel – Airfare related. Some providers even link to your inbox to pull receipts automatically based on the $ amount, merchant, and time.
- Select a solution that can coordinate budgets among multiple individuals. You’ll need to know how much in total was spent on event X and conference Y. Modern expense solutions that allow you to set budgets across individuals, so that you know if you’re over-budget immediately.
About Emburse. Emburse allows you to create corporate cards that have set spending limits and can be pre-tagged by project, location, or event. Our built-in receipt reconciliation feature pings users 1 second after the transaction, prompting them to capture the receipt while still in line. Card budgets can be shared between multiple individuals, preventing the team from ever going over-budget. Email [email protected] to see a demo!
Roger Gu is a co-founder of Emburse, a startup working on helping companies enforce budgets and reconciliation using virtual and physical expense cards. Previously, he worked for Visa and Coinbase, a bitcoin company.