What is an expense policy?

Can you explain what an expense policy is?

An expense policy is a set of guidelines that outlines how employees can spend company funds and get reimbursed.

Why is having an expense policy important for a company?

It helps control costs, ensures compliance with regulations, and provides clarity for employees on what expenses are reimbursable.

What are some common elements included in an expense policy?

Common elements include allowable expenses, reimbursement procedures, documentation requirements, and approval processes.

How often should an expense policy be reviewed?

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