Expense management refers to the process of tracking, analyzing, and controlling expenses incurred by an organization. It involves the identification of all expenses, including those that are not directly related to the core business operations, and the implementation of measures to reduce or eliminate unnecessary expenses. Effective expense management requires the use of tools and techniques that enable the organization to monitor and control expenses in real-time, such as automated expense reporting and approval systems. It also involves the establishment of policies and procedures that govern the use of company resources, including travel and entertainment expenses, and the enforcement of these policies through regular audits and reviews. The ultimate goal of expense management is to optimize the use of resources and minimize waste, thereby improving the financial performance of the organization.
