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What is an expenses policy and why does a company need it?

An expenses policy provides employees with a high-level view of what is expected and specifically guides the employee on what is and is not an acceptable expense for the company, and in certain circumstances for their job role or department. An expenses policy also provides the practicality to how claims can be made and the company’s procedure of adhering to policy, processing an expense and monitoring the claims.

Why does a company need an expenses policy in place?

The basic answer is that it can save a company money and improve efficiency. For companies who haven’t got an expenses policy, or companies looking at improving their policy, we’ve made a FREE handy guide to help you create your own expenses policy as featured in Payroll World.

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