The Three Spending Controls You Should Consider for Your Business

Most businesses have a process to handle expenses incurred by their employees. These expenses can range from fees associated with a business trip (e.g., flight tickets, lodging) to fringe benefits (e.g., reimbursed costs for purchasing home office equipment). Establishing controls for this spending is necessary to properly track each transaction and ensure that the business banking information remains secure. Controls are especially essential today, in an era where data breaches seem commonplace and proper cybersecurity protocols are paramount.
If you are a business owner, or a member of the leadership team, you need the agility to permit your employees to spend money on behalf of the business while also maintaining established security practices. However, doing so is difficult if you have outdated or inefficient processes and controls, as different issues and challenges will appear. If you are currently operating in a virtual environment or are looking to in the future, the complexities around setting controls will grow. With that in mind, detailed below are the types of controls you should consider implementing.