Expenses Write For Us – One of the features that most worries the financial managers of the companies is the management of expenses , since the financial stability of a company depends on these.
The reason? For instance, if there is an error in a disbursement or there are not enough resources available to pay an invoice, this means that you do not have full control of what comes out of your company’s coffers.
In the following lines, we present 10 questions to ask yourself to assess your ability to control corporate expenses.
Are you controlling the flow of expenses of your employees?
This is one of the main questions to ask yourself as the person responsible for managing expenses in your organization, since it is as essential as conducting an audit.
No matter where and how your team works or if they have enough information technology , workers have the possibility to buy what they need based on doing business, but they have to have the absolute confidence that all purchases count. with approval and are within your company’s disbursement policies.
Do you have the necessary technological solutions to control cash flows?
Based on the previous question, it is good to ask another essential question: does my organization have the technological tools that allow it to exercise true control over employee expenses? Do these tools guarantee the profitability of my company ?
Although having paper expense reports may still be important, a digitized workflow is essential to provide robustness and speed to the data that is part of expense management , especially in modern times.
You must understand that controlling cash through digital spend management will allow finance managers to make better decisions based on systematized data. Indeed, this should be one of the strategic priorities during the financial digital transformation within any company that wants to take care of its investment.
Do your expense reporting processes support your policies and vice versa?
In managing expenses , this is one of the most important points: it represents the guarantee that what you see in the accounts —which have been presented to you— is in tune with your disbursement policies in accordance with the needs of your company.
Those responsible for your company’s finances must understand that what is reflected in expenses should not be outside of what has actually been established. If the opposite happens, there is something to solve.
What financial resources does the company have?
To manage expenses , it is essential to evaluate what economic resources the company has, both in assets and in currents: this has to do with both treasury and customer balances, while non-currents are related to vehicles, furniture and offices.
You should consider that there are some assets —among them, real estate— that can acquire more value over time, which can translate into a greater economic solvency of the company.
What are the company’s debts?
To control expenses, it is good to make a conscious evaluation of what the company’s liabilities are, that is, pending payroll, suppliers, taxes and loans that must be covered with assets.
Remember that if your liabilities are greater than your assets, your organization would be in a bad financial situation and you would have to provide capital to solve it.
How much did it cost to produce the total sales?
Depending on the line of the company for which you have responsibility, answering this question about the ability to control expenses will be more or less easy.
Indeed, a company that has to do with a commercial activity on the purchase of products to resell them is not the same as a service or industry company. business
The answer to this question will say a lot about your ability to manage expenses.
What was my gross profit margin?
In expense management control , this is vital as it has to do with knowing what was the difference between your cost of sales and your sales price without taxes such as value added tax (VAT).
You should keep in mind that with this margin you have had to cover structural expenses, also known as general expenses.
How much did you spend on structure?
In managing expenses , this has to do with the rest of the general expenses that are not directly related to the product or service that you offer in your companes
These include, for example:
- Administration and promotion expenses.
- Rental of offices and other spaces.
What is the amount of the balances to be paid?
At this point, in order to manage expenses, it is essential to know what the balance of debts payable is, that is, the money that the company must pay for debts with suppliers.
If it is growing, it may be for two reasons:
- More purchases due to increased sales.
- An increase in the term of payments to improve the situation of the treasury of the company.
What was the percentage of the balances to be paid in relation to the balances to be collected?
In order to carry out efficient expense management , establishing this ratio is essential to know if there will be liquidity problems in the short term: if you owe more to suppliers than what the company’s customers owe, you may have financial problems .
We have reached the end! We hope that these 10 questions about managing expenses will be of great help to you in your company: the important thing is that —as a finance manager— you can answer these questions in order to face any eventuality and make the best decisions on time.
Insurance coverage and medical bills
- Who handles health insurance concerns and questions at this medical office or center?
- Will this person help me work with my health insurance provider?
- Will this person help me understand my medical bills and the codes on the bills to make sure they are correct?
- If an insurance claim is denied, who can help me file an appeal?
- Who can help me organize my spending, keep track of incoming bills, and plan my budget?
- What is my copay for each doctor visit?
- When is this payment due?
- If I need multiple visits to a doctor’s office, is there a policy whereby I can pay the copay only once or not have to pay it (called a “waiver”)?
- Do you offer payment plans?
- Will laboratory tests, such as blood tests, be billed separately? Does my health insurance cover these tests?
- Does my insurance cover other medical visits, for example, for a second opinion?
Cancer Treatment Costs: General
- Who can help me calculate the total cost of the recommended treatment plan?
- If I can’t afford this treatment plan, can we consider other treatment options that aren’t as expensive?
- Does my health insurance company have to approve any or all treatment plans before treatment begins?
- Do you have any type of financial conflict of interest in proposing this treatment plan to me?
- Is the recommended treatment center in my insurance plan’s network?
- If I need to be hospitalized, what expenses does my health insurance cover?
- If I receive treatment as an outpatient, what expenses does my health insurance cover?
- Is there an opportunity to change my treatment schedule, if necessary, to coordinate with my work or child care?
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