Creating an expenses policy can be a time-consuming process; but when one considers that out-of-policy expenses cost UK businesses more than £692 million1 last year, it makes sense to invest the time and ffort. Here are some tips and a template to help you get started.

12 Tips to Consider When Creating an Expenses Policy:

1. Ditch the jargon
write the policy to cover the basics but don’t be afraid to revise it later. It probably won’t be perfect on the first attempt so remind people to use common sense as well. Also, be sure to edit it for clarity before it’s published – double-check to make sure it’s easy to read and not bogged down in jargon. The easier a policy is to understand, the easier it is for your employees to adhere to.

2. Make it fair
No one should have to be out of pocket if they spend sensibly. Create a policy that is generally regarded as fair and then make it easy to find and follow.

3. Invite participation
Get buy-in from your staff before you implement the policy, by asking team members to participate in the process, for example. If they help develop the expenses policy they’ll see why it’s necessary and will be more likely to adhere to the rules and encourage others to do the same.