Managing your business expenses can be the difference between profitability and not. For the most part, you probably have a lot of control over your business expenses, but if your employees have travel and expense accounts, you may not be able to monitor each and every purchase. Instead of hoping that your team chooses affordable options and doesn’t overspend, look for ways to control your business’s T&E expenses.

Visibility and Accountability

One way to get a handle on what business expenses are coming through your T&E account is transparency. Unfortunately, the data may be spread across multiple software programs. Employees submit expense reports, which don’t get itemized in your bookkeeping details. It’s expensive to process these reports, because it can take your administrative team time to enter data.

Solutions to Controlling Business Expenses

A business credit card can help give your company more financial control if you have employees who travel and entertain clients. A CC will help you consolidate data and see where your money is going. You may get deals on business travel and expenses that will help you save money. It’s also convenient for the employee, because they aren’t funding your business with their own credit cards, placing their own financial situation at risk.

Set Up Policies For Credit Card Spending

When you’re finding solutions to manage spending, you need policies that give your employees spending guidelines. Take a look at who is spending money and on what. Make sure your employees know to use the business CC for expenses. Get a business CC with fraud protection features and card control technology. You’ll have peace of mind knowing that your employees can’t access money from an ATM for example. Analyze data each month to inform your policies to be more efficient. Be transparent with your team so they understand you’re not micromanaging them but watching your bottom line.

Contact Painted Horse Financial for funding options.