Managing per diem expenses: A guide with Equals Money

Article

Euan Robb

Introduction

Managing per diem expenses can be a daunting task for both employees and finance departments. As business travel resumes and work dynamics evolve, having an efficient system in place for handling these expenses is crucial.

Equals Money, with its innovative platform, cards, and expense management product, offers a seamless solution tailored for UK businesses. In this blog post, we'll delve into the essentials of managing per diem expenses and explore how Equals Money streamlines this process.

About Equals Money

Understanding per diem expenses

Per diem, Latin for "per day", refers to the daily allowance given to employees for expenses incurred while on business travel. This typically covers lodging, meals, and incidental expenses. The key to effective per diem management lies in balancing simplicity for the employee with control and compliance for the company.

‍

Challenges in per diem management

Traditional per diem management often involves cumbersome paperwork, delayed reimbursements, and a lack of real-time expense tracking. This can lead to frustration for employees and administrative overload for finance teams.

‍

‍

The Equals Money advantage

Equals Money offers a comprehensive solution that addresses these challenges head-on:

Simplified expense tracking: With Equals Money's platform, employees can easily track and annotate their expenses, reducing the need for manual entry and potential errors.
‍
Instant access to funds: The Equals Money card provides employees immediate access to their per diem allowances, eliminating delays in reimbursements.
‍
Enhanced policy compliance: The platform allows for customisable controls with individual spending and transaction limits, ensuring that per diem spending stays within company policy.
‍
Real-time reporting: With real-time transaction data, finance teams can monitor expenses as they happen, providing greater visibility and control over company spending.

‍

Best practices for managing per diem expenses

Set clear policies: Clearly define what is covered under per diem and establish daily limits.
‍
Educate your team: Ensure employees understand how to use the Equals Money platform and cards.
‍
Leverage technology: Utilise the Equals Money platform for real-time tracking and customisable spending controls.
‍
Regularly review policies: Adapt your per diem policies as business needs evolve.

‍

Conclusion

Managing per diem expenses doesn't have to be a hassle. With Equals Money, UK businesses can streamline their expense management, offering both convenience for employees and control for finance departments. Embrace the future of expense management with Equals Money.

Watch a demo