Expense Management Best Practices and Key questions
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Transcript of Expense Management Best Practices and Key questions
W W W. C H R O M E R I V E R . C O M
Expense Management for Non-Profits and NGOs
Best Practices and Questions to Ask
• Why is it important to track expenses effectively?
• Tips for effective expense management
• How can technology help you?
• What is the ROI?
• Questions to ask when looking for an expense partner.
What You’ll Learn Today
What is Best Practice in Expense Management?
EXPENSE MANAGEMENT FOR NON-PROFITS AND NGOS
Expense Management Best Practices
Streamlined
Processes
Low Admin Costs
Maintain Regulatory Compliance
Deep Visibility
into Spend
Low Error Rate
Minimize Employee
Fraud
How Can Automation Help Achieve This?
EXPENSE MANAGEMENT FOR NON-PROFITS AND NGOS
• Simple expense submission on any device.
• No need to retain receipts and create spreadsheets.
• Reduce time / admin to reimburse expenses.
Streamline Processes and Reduce Costs
• Ensure compliance with funding rules.
• Build rules into the system to reduce burden.
• Flexibility in rules creation and updating.
• Automation enables UG standards to be set, enforced.
• Pre-approvals to control spend.
• VAT international tax compliance.
Easier Compliance with Regulations
• Spot trends or inefficiencies through analytics.
• Track spend with vendors to negotiate volume discounts.
• Deliver detailed, reports for each sponsor / grantor.
Deeper Visibility into Spend
Minimize Fraud and Errors
• Eliminate rekeying errors.
• Prevent fraudulent expense claim submission.
• Reduce collusion or fraudulent expense approval.
Finding the Right Expense Management Partner
EXPENSE MANAGEMENT FOR NON-PROFITS AND NGOS
• Not all solutions are equal.• One size doesn’t fit all.• Assess both experience and service.• Drill down on other relevant issues, e.g.
o Cost-effective pricing / ROIo Per diemso Non-employee expenseso Reporting and complianceo Paymentso Taxationo Mobile Availability
Key Things to Remember
• What’s the right fit for you?
• Can you predict your volume?
• Is the pricing flexible?
• What does the pricing include?
Pricing Structure
Managing Per Diems
• Hotel- and meal-based per diems.
• Automatic updates of GSA CONUS & OCONUS tables.
• Comply with “travel day” requirements.
Complex Policies & Multiple Grant Regulations
• Powerful Business Rules Engine
• Different grants require different reporting.
• Need to support multiple rules for different grants.
• Complex project tracking needs flexibility to automate, filter and allocate spend.
• Automatic Itemization
Non-employee Expenses
• Non-Employee frequency.
• Cyclical volume.
• Report on all spend.
• Mobile submission.
Reporting and visibility
• Greater transparency require than other organizations.
• Requirement for detailed, tailored dashboards.
• Is analysis included within the core solution?
Payments
• Corporate card statements and reconciliation.
• Direct employee ACH.
• Maximize rebates.
• Direct integration.
Ensuring ROI
• Automation reduces processing fees by 75% ($26.63 $6.85).
• Ensure the solution delivers ROI for the organization.
• Work with potential vendors to assess ROI metrics that work for you.
Questions
W W W. C H R O M E R I V E R . C O M
