These days, no business can spend money blindly. Smart financial management and budgeting are essential for keeping your business profitable and on track. With the right strategies in place, business managers can now empower their remote workers to be able to spend what they need, while having complete visibility and control over their spending.
The top tips to control expenses for remote workers are:
Establish Purchasing Controls
Setting rules for purchasing is essential to keep your business budget on track and properly manage cash flow. Best practices include requiring two approvals for purchases over a certain threshold and obtaining multiple quotes from vendors before choosing any service contracts.
With so many individuals working remotely these days, it is unnecessary to supply all workers with company phones and laptops. Many people prefer to use their own devices and equipment, and plenty of businesses are embracing the ‘bring your own device’ philosophy which saves money on technology costs. Plus, it ensures that remote workers have access to devices in and out of the office. Virtual prepaid debit cards can be provided to purchase phone minutes and pay for internet bills.
Use Cloud-Computing Solutions
Many small businesses still rely on manual expense management methods. Paper receipts, excel tracking and timely reimbursement processes tie up resources for everyone. Cloud-based accounting software and reporting make it easy for teams and managers to control cash flow and automate tasks. With Emburse, all purchases made on virtual prepaid debit cards can be monitored in real-time via our user-friendly software program.
If you would like more information on how Emburse can help your business control expenses for remote workers, contact a member of our team today. We will be happy to show you a demo of our products and how they can help save resources and make remote expense management a simple process.