Workflow Templates: Expense Management Checklist

Identify fixed and variable costs

Set spending limits for each category

Allocate emergency funds

Review historical expense data

Include potential one-time expenses

Implement an expense tracking software

Encourage staff to report expenses promptly

Categorize expenses for better analysis

Monitor and approve expenses regularly

Reconcile receipts with recorded expenses

Negotiate contracts with favorable terms

Review vendor performance periodically

Consolidate purchases to preferred vendors

Ensure timely payments to avoid penalties

Maintain a database of approved vendors

Set clear reimbursement policies

Use standardized forms for submissions

Require receipts for all reimbursements

Approve reimbursements within a set timeframe

Audit reimbursements to prevent fraud

Generate monthly expense reports

Compare actual expenses to budgeted amounts

Analyze variances and identify trends

Share reports with relevant stakeholders

Adjust future budgets based on reports

Expense Management Checklist