October Finance Frights: Conquer Your Expense Management Fears

October is here, and so is your monthly The Expense Newsletter??!

As the days get darker, we’re shedding some light on how to make your financial management smarter, faster, and more efficient.

This edition we’re tackling everything from bank credit card risks to celebrating powerful women in finance. Plus, tips on how to streamline procurement and eliminate costly Travel & Expense violations.

Before we get started, a quick note: Just two weeks ago, we hosted an incredible event, The Expense Summit 2024. With over 400 registrants and fantastic feedback, it was a huge success. If you couldn’t join us, you can watch the full event here.

Now it's time to take your expense management from scary to savvy! ?? Let’s dive in!

Money minute

Scare corner: Risks with using bank credit cards for business expenses

Many companies still rely on bank credit cards for business expenses. ??

But beware—there are a few risks hiding behind those treats.

We’re talking delayed reporting, fraud, theft, inadequate monitoring of employee spending, hidden fees, interest charges, and loss of paper documentation. These challenges can disrupt financial management and cause inefficiencies.

So, why not switch to business credit cards? ??

With Mobilexpense cards, you can monitor spending in real time, centralise data, and avoid the headache of chasing down receipts.

P.S. Read more in this article: Risks With Using Bank Credit Cards for Business Expenses.

Trending tech

The procurement nightmare

What's scarier than an unorganised procurement system? ??

Data inaccuracy, complex compliance issues, and slow adoption of new tech.

Mobilexpense’s CTO, Jonas Colombe and Julien Le Terrien, our Chief Customer Officer, teamed up to write a brief guide to dealing with procurement nightmares in CPOstrategy - Issue 54. Scroll to Page 70 & 71.

They discussed how adopting modern solutions like Optical Character Recognition (OCR) and automated tools can turn things around. Better data capture = smarter decisions, fewer fines, and faster procurement processes.

It’s like magic, but real. Plus, leveraging your company’s spending habits can even unlock better deals with vendors!

P.S. Read and share the CPOstrategy magazine with your colleagues in Procurement: CPOstrategy - Issue 54.

Travel & expense corner

T&E violations: The monsters lurking in your budget

Did you know that travel and expense (T&E) policy violations can drain your budget? ??

In a recent survey, 61% of finance executives reported frequent or occasional violations of travel and expense policies, and 73% believe these violations will become a bigger issue as their companies grow over the next five years.

The top strategy? Clear communication, regular audits, and smarter tech.

??? By tightening up policies and making the rules more transparent, employees stay on the right track. Add in some automation, and you’ll drastically reduce violations, making everyone’s lives easier.

Your compliance department will thank you.

P.S. Trust us, a little vigilance goes a long way. Learn how to stop T&E violations here.

Spending tips

The spell to saving money: ‘Track, Control, and Save’

Your company could save a significant chunk of money just by rethinking your expense management processes.

?? Imagine waving a wand and—poof! Your expense reports are done, errors disappear, and money-saving happens.

By automating your expense management, you’ll make manual work disappear like smoke. That means more accurate data, faster approvals, and yes, more money in the bank.

So, if your expense system feels like a haunted house, it’s time to give it a refresh. Learn how our expense solution can work for you.

P.S. Want more savings hacks? Read more in this The CFO article You don't have to spend money to manage money.

Extra pennies

Queens of corporate: Raising standards & slashing pay gaps

In a twist that’s worth celebrating, female CFOs and CEOs at Standard & Poor’s 500 companies will out-earn their male counterparts this year. ??

Yes, you read that right! While representation remains a work in progress, these trailblazers are proving that women in leadership are setting benchmarks not just in company performance but in pay equity. As more women rise to the top, they’re also reshaping the narrative around corporate leadership.

Companies are offering more competitive pay packages to attract and retain female talent, but there's still a long way to go in achieving equal representation at the top. More representation, more power moves, and more pay equity.

P.S. Want more on women breaking through the pay gap? Read the full article here.