Expense management is the process of tracking, approving, and reimbursing employee expenses. It involves creating policies for employees to follow when submitting expense reports, as well as tracking and approving those reports. The goal of expense management is to ensure that all employee expenses are legitimate business expenses and that they are properly documented.
The primary benefit of expense management is that it helps organizations save money by ensuring that only legitimate business expenses are approved and reimbursed. Additionally, it can help organizations streamline their processes by automating the approval process and providing visibility into spending patterns. Finally, it can help organizations stay compliant with tax laws and other regulations.
Time tracking can be a valuable tool for managing employee expenses. By tracking time spent on tasks, organizations can gain insight into how much time employees spend on certain activities and how much they should be reimbursed for those activities. Additionally, time tracking can help organizations identify areas where costs can be reduced or eliminated.