American Express Corporate Services says that controlling employee spending goes a long way towards effective cost management and offers these best practice tips.
* Establish an expense policy that fits your firm's objectives and culture and is mandated by senior management for all employees.
* Eliminate usage of petty cash to pay expanses, which hinders accurate tracking increases costs by maintaining cash balances and causes safety concerns by sending employees out of the office with cash in hand.
* Manage company liability by placing spending limits and vendor category blocks to reduce unauthorized spending.
* Limit corporate card use to official business expenses and place responsibility for unauthorized...