![]() ![]() ![]() ![]() It’s also one that can be difficult to rein in. Setting a travel and expense budget is a crucial first step to containing what is often a company’s second or third-largest expense, according to Travel Leaders Corporate. Better expense management leads to better spend management. Spend management is the discipline of categorizing major drivers of spend, discovering whether policies are effective and making changes to ensure that they serve the business well. This is an excellent time to work on a policy that addresses how your company is working now, and how you expect to do business in the coming year to 18 months.įor example, is your policy clear on whether that ergonomic office chair or Zoom subscription is reimbursable? Does it take into account employee credit cards? Source: Oracle Spend Management vs Expense ManagementĮxpense management is the process by which businesses define policies, enforce them and reimburse employees. But that’s a mistake because there are other major issues around spend and expense management-some of which arose before the pandemic. As such, it can be tempting to shelve work on expense management processes and policies for now. Travel-related outlays most often come to mind when considering the process of submitting, approving and processing expense reports. East, Nordics and Other Regions (opens in new tab)Įxpense management is the process and the policies associated with how an employee is reimbursed for money spent on work-related items. ![]()
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