In this section, list out the expenses your company will reimburse, along with any spend limits. You should try to get approvals and reimbursements back to employees within a similar time frame. Your processes should also include deadlines to ensure you receive everything in a timely manner. Any other processes relevant to your business expensesĮach process should explain the employee’s responsibilities, the documentation required, and the person who approves the request.Next, outline your guidelines and procedures regarding: If an employee commits fraud or engages in other illicit behavior, will you take disciplinary action?.If an employee doesn’t comply with your policy, what are the consequences?.What are your general expectations for employees making purchases with company funds (ex.Your policy should be able to answer all of these questions: It may also include general rules about your expense policy. This section outlines employee expectations and responsibilities. What’s included in an expense policy?īegin your expense policy with an introduction that explains the purpose of your policy, who it applies to, and the date it was last updated. When employees have clear guidance, they’re less likely to spend company funds on unnecessary or unreasonable items and services.Ī successful expense policy also streamlines the submission, approval, and reimbursement processes, making expense management easier for everyone. If your employees use company funds to make purchases, an expense policy is crucial to managing employee spending and avoiding unwanted expenses. We explain these inclusions and general best practices to help you create a policy that works for your business. The exact details of your expense policy will differ depending on your business and any state-specific requirements, but most include similar information. Expense policies outline allowable work-related expenses and purchases, the reimbursement process (including expense reports), and other details to help your business manage spend. If you want to create your first expense policy (or revamp an existing one), check out our free Business Expense Policy template.Ī company expense policy is a guide for employees who make purchases using company funds.Most policies have sections for travel, accommodation, meals, and other business expenses.Expense policies help you control business costs by setting guidelines for employee spend.
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