10 expense management best practices for charities » Charity Digital News

10 expense management best practices for charities

A 2010 report by the Independent Expert Group on Expenses noted that although expense management is “part of basic good governance and internal controls” and despite there being plenty of assistance available to charities: “One fifth of charities responding to our survey did not have an expenses policy in place. These charities need to be encouraged to rectify this.”

But how should charities that are lacking proper expense procedures start to put this right, and how can those who do have policies in place make sure they are working as well as they should?

Check out this new white paper from expense management specialists Chrome River, which offers a simple 10-step approach for any charitable organisation looking to evaluate current expenses policies and improve compliance as well as cut costs and speed reimbursement.

The  full white paper is available in our Resources section on the site, but here is a summary of some key points it addresses:

  • Require Pre-Approval: Incorporate ‘pre-approvals’ before the expenses are incurred. “Cost avoidance savings” means finding ways to avoid costs before they are incurred.
  • Clearly Document the Approval Process: Make the process well defined for the expense owner and the approver for limits, allocations, approval delegation and other process standards.
  • Automate Policy Enforcement: Be preventative instead of protective. Compliance rules can be built into expense management tools and are validated in real-time while a user enters new expenses.

 Download the full white paper here.

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