Expense Management

The process of monitoring, regulating, and optimizing the expenses incurred by people or businesses while conducting business is known as expense management. It entails keeping track of and documenting costs for things like supplies, electricity, business travel, and other outlays, then controlling and evaluating these spending to maintain effectiveness and fiscal responsibility.

Expense management usually includes budgeting, tracking expenses, gathering receipts, processing reimbursements, and processing reimbursements. In order to expedite this process and make it simpler to enforce policies, keep an eye on expenditures, and obtain insight into how money is being spent, organizations frequently employ software or other tools. Organizations that practice effective expense management can reduce costs, avoid financial waste, and guarantee that financial laws and regulations are followed. Individuals may find it useful for financial planning and personal budgeting.

Navigate to Expense > Expense Reports in the left navigator.

Expense Reports Records view page are as follows: