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Why Crafting an Effective Expense Policy Business is Challenging but Necessary

August 10, 2023 by Knowlton Thomas Leave a Comment

In 2021, Float launched with a mission to simplify spend for Canadian companies and teams, raising $42 million toward achieving its goal.

After quadrupling revenue last year, Float this year launched the next iteration of its corporate spending platform.

The Toronto fintech is one of Canada’s fastest growing companies, serving thousands of customers and processing over 200,000 monthly transactions.

Through its success, Float noticed a lack of clear and effective expense policies among businesses.

“If you don’t have that policy in place, there’s nothing to check transactions against to ensure you have proper controls,” warns Jennifer McNamee, Float’s Senior Finance and Accounting manager.

To help address this problem, the Canadian fintech released a report titled “How to Create an Effective Expense Policy.”

The crux of a successful policy lies in its scope, the report affirms, which should be broad enough to cover every possible scenario but specific enough to prevent misuse. It should categorically define permissible costs, such as travel and meals, while also setting boundaries with spending caps and outright prohibitions.

The report also points to how companies can integrate digital tools in this domain. Tech interventions can act as robust systems to minimize errors, ensure adherence to policies, and expedite the overall reimbursement procedure.

To get the most out of these policies, Float’s report recommends an inclusive approach that involves various departments in the creation process. Once drafted, a strong communication strategy should be in place to ensure every employee is aware of the nuances.

Check out Float’s full report own crafting the perfect expense policy here.

Filed Under: News Tagged With: Float

 
 

About Knowlton Thomas

Knowlton Thomas is Editor-in-Chief of The Midway Advance and Senior Writer for Fintech.ca. Over more than a decade of journalism, he has penned thousands of articles and dozens of essays on technology, health, and culture across a variety of publications.

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