What are the best practices for creating an expense policy?

What are the best practices for creating an expense policy?

Best practices include clearly defining allowable expenses, setting limits, and requiring receipts for reimbursement.

How often should we review the expense policy?

It's advisable to review the expense policy annually or whenever there are significant changes in the business.

What should be included in the expense policy?

Include sections on eligible expenses, reimbursement procedures, approval processes, and consequences for policy violations.

Can you give examples of common allowable expenses?

Common allowable expenses include travel costs, meals during business trips, office supplies, and professional development.

What tools can help manage expense reporting?

Tools like Expensify, Concur, and Zoho Expense can streamline expense reporting and approval processes.