Alarmed by unforeseen costs? Employees giving into temptation? Weighed down by sizable admin? Here’s how to stop expenses from being a nightmare.
For many businesses, expenses are a nightmare. They can get out of control, jump out at you at any time, and cause plenty of stress.
And as the cost of living increases, even businesses in control of expenses may face higher bills throughout the year – whether it be an increase in energy usage, the impact of cold weather on fuel and vehicle costs, or employees finding travel for work more difficult and having to spend more as a result.
But fear no more: at Allstar we can change all that, and help you get control back. Here’s how.
Don't end up in difficult conversations about expenses
There’s no reason to end up in tricky conversations with employees over what they can or cannot spend any more. There are enough solutions available now to ensure you and your employees are well aware of spending, even in real time, so that when it comes to purchases you and employees know that it is all being tracked, with receipts created and times and dates recorded.
That way, it helps to avoid employees getting confused about what expense allowances they have.
Monitoring business expenditure and getting detailed insights on costs with our online account management tool, Allstar Online, means you can review and adjust your policy regularly and should anybody have alternative thoughts, they can be sure you’ll be keeping a record all the time.
Allow the right treats
Some employees, freed by the notion that the ‘company will pay’, may go on a spending spree, buying all sorts of expensive or inappropriate items.
And after they’ve splurged, not only will you have to find the money for them, there are those awkward conversations to have about spending behaviour too.
By putting in place controls before they even start incurring expenses, you can ensure they can still get what they need, but at appropriate levels. With an Allstar business or expense card, you can set limits on what can be purchased in categories such as travel, subsistence and vehicle accessories, and even set daily allowances – all of which is reported on the online dashboard.
It’s not quite putting your employee in chains, but it’s helping to keep them on the right path.
Find out which expenses are hiding away
Are you worried about what expenses might be waiting to be discovered? For a lot of businesses, it can be really hard to understand the true cost of doing business until expenses have come out into the light, which can affect the bottom line quickly.
By using expense cards, you help defeat that problem of employees hoarding purchases for months and months, then dropping them on your desk unexpectedly.
Instead, every month you can keep track of what has been spent which helps you manage cashflow and expenditure, and to be able to budget better. Working alongside expense cards, online portals mean you can track spending in real time, so you’re well aware of costs and cashflow day or night.
An Allstar business or expense card may allow you to access interest free credit for up to 44 days on business purchases* so that if you do have any unpredicted costs, you’ve got time to calm down before you need to pay it, while a card such as Allstar Plus can help you control how and where your employees spend the company’s cash.
Avoid costly admin
Do piles of admin tower over you at your desk, or does the thought of being swamped by endless demands keep you awake at night?
Admin can be costly, but you can control it with Allstar. Not only can you see and manage all payments online, and get a single invoice for all purchases, but ExpenseIn*, partnered with Allstar, is an additional app-based automated expense management solution allowing employees to upload expenses and get them approved in seconds.
Ensure you’re making the most of the tools and systems available to you so you can stay in control of expenses.
* Subject to status and a full credit check. To be eligible, your company must be incorporated (e.g. a limited company).
** ExpenseIn is a separate product that can be added to support your Allstar Plus or Expense account. Applications are made directly with ExpenseIn and are subject to status.
We help with payments, so you can focus on business. Find out how you could keep on top of your business expenses with Allstar’s tools and solutions.
Download article
Related articles
or call
or call