Facility Management

5 Tips for Choosing Expense Management Tools

When it comes to expense management, church leaders have to find a way to balance necessary finance logistics with responsibilities to their members.


WFM Staff  ·  February 27, 2018

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When it comes to expense management, church leaders have to find a way to balance necessary finance logistics with responsibilities to their members.

While it’s essential to enable employees and volunteers to make purchases for church functions and events, church leaders also need to maintain accountability and control over how funds are used. To make tight budgets work, church leaders need to carefully plan and manage their expenses through accurate expense reporting – but the process of dealing with reimbursements, petty cash transactions and lost receipts can be time-consuming, and a church leader’s time is at a premium.

Expense management platforms make it possible to streamline the reporting process, control spending, and focus on charting your church’s future.

As you evaluate which tools best fit the needs and goals of your church, consider the following tips:

1.) Get anytime, anywhere access.

Any expense management platform has to be able to keep up with on-the-fly purchases from mission trips to unexpected event needs. Look for cloud-based reporting tools that can access and manage funds 24/7, wherever you are – this makes it easier to track traveling expenses and quickly adapt to the needs of your employees and volunteers.

Prepaid cards offer flexible funds, but you can transfer to the cards from your bank account. Some platforms allow you to adjust balances in real time or approve unforeseen expenses via text message. You can also select an automatic refill for each month for more routine transactions, like picking up refreshments between services.

Make sure you select a prepaid card that’s commonly accepted by vendors and merchants.

2.) Limit spending amounts and categories.

Clear, established limits on spending amounts and categories allow you to oversee expenses without micromanaging every purchase. Expense management platforms can allow you to control where employees and volunteers can use your funds – the process is as simple as checking “yes” on gas and “no” on retail. The extra layer of accountability for your staff prevents spend abuse and fraud without preventing them from doing their jobs.

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COMMENTS

By construction company on March 14, 2018

Thaks for this interesting post. I should be using an expense management tool. Construction Company Kerala is the company which has given me an opportunity to earn a pretty good amount. But I don’t keep my expense on track, so I don’t know where I am losing the money.