Expense Management 101: Your Guide to Expense Reporting

The Fidelity Contrafund is one of the largest actively managed funds in the marketplace, with an expense ratio of 0.86%, or $86 per $10,000. Actively-managed funds will typically come with higher expense ratios, and the amount of expenses will also vary depending on the fund’s strategy or asset class focus. An expense ratio is determined by dividing a fund’s operating expenses by the average dollar value of its assets under management (AUM). Operating expenses reduce the fund’s assets, thereby reducing the return to investors. Take control of your business expenses the easy way – all in one place, from any device – with QuickBooks’ expense tracker.

An essential component of this is seamless integration with your ERP system, which provides instant access to financial data. Digital transformation is no longer just a buzzword; it is a mandate for modern businesses, and the CFO plays a central role in this paradigm shift. Gone are the days when the Chief Financial Officer (CFO) position revolved solely around balance sheets, budgeting, and compliance. The modern CFO is now tasked with leading the charge in the digital transformation of the finance department.

Paycor

The accounts staff then key each expense item into the company’s finance system before filing the claim and receipts away. In a Software as a Service implementation, these processes are largely automated and the submission and approvals processes are transacted electronically. Expense management is a multi-step approach that facilitates submission, auditing, approval, and payment or reimbursement of expense claims. This automated procedure can provide a seamless, effective, and error-free process. Using the appropriate expense management software can help organizations have a holistic view of their expenses.

A business uses spend management to comprehensively track and review organizational-wide spending and purchase orders down to the last dirham. When a business expense is made, a Whatsapp notification is sent to the employee, prompting them to upload their expense management definition receipt by snapping a photo; this also simplifies the reconciliation process. When that is done, the admin/manager is notified to accept or reject the expense. If the expense is accepted, it is reimbursed to the employee’s bank account in seconds.