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Expense Management Checklist
Budget Planning
Identify fixed and variable costs
Set spending limits for each category
Allocate emergency funds
Review historical expense data
Include potential one-time expenses
Expense Tracking
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
Vendor Management
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
Employee Reimbursements
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
Financial Reporting
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
