Business

How to Fix The Christmas Staff Expenses Hangover – For Good

It’s the season to be jolly, but some of your employees may have taken that cliché too literally over the holiday season… buying too many bottles of champagne entertaining clients.

But it’s your accounts department dealing with an expense(-ive) headache.

Now it’s January, the receipts are pouring in and blowing out the business budget – fast.

Whether it’s Christmas hampers, long lunches or an employee who’s gone rogue at the bar and bought a few too many rounds on the corporate account – someone’s got to foot the bill.

Unfortunately, that someone is often the business.   

So, what do you do?

Do you simply refuse reimbursement, if they’ve used their own card?

Or, if they’ve used the company card, dock their pay?

But it’s not about penalising, it’s about setting a precedent.

Afterall, neither of those options are a long-term solution to a happy workplace or the health of your accounts.

What if there was a solution that meant you could avoid these situations in the first place?

Penny Inc’s smart expense management software app integrates with a prepaid MasterCard or virtual card, which lets business owners and managers restrict spending amounts and set merchant controls.

Like prerequisites for fuel expenses.

Or restricting alcohol vendors, so that rogue employee at the bar would have been declined straight away.

“If you give someone a credit card, there’s really nothing, other than trust, that stops them from spending that wrongly,” says Susan Roland, small business bookkeeper.

“When it comes to tracking staff expenses, it can be hard to keep your account in credit – especially if someone spends more than what was outlined, or if they spend that without telling you.”

Employee expense tracking can be monitored in real-time through the Penny app that automatically downloads expenses into your digital ledger, or QuickBooks account, eliminating the need for petty cash, manual reimbursement claims, and removing the commingling of personal and business spending.

With increased automation, Penny Inc saves you the time and money initially spent on administrative processes.

And there’s no transaction fees, monthly fees, or upfront fees – the only cost to your business is a third party transaction fee on foreign exchange.

Put an end to the headache, sign up here to find out more.