Travel is becoming more important for business each and every day. Unfortunately, travel is also an area where expenses can quickly climb out of control. Travel expense reports sometimes end up with items of dubious utility included with the ordinary expenses of travel.
When traveling abroad, stakeholders should definitely enjoy a certain leeway to get the job done. However, there can definitely be a limit to that — even in grey areas such as entertaining clients at the hotel and around the country, wherever it might be.
How can you squeeze maximum value from expense reports while still getting the results you want? One of the best approaches is to focus on catching and correcting errors quickly. In a world of complex compliance, errors often have the biggest long-term financial implications.
For that, you need software that can help with development and delivery of “letter perfect” expense reports. But how can you position your enterprise to make the most from that kind of software before you roll it out?
Revise Your Expense Controls For A New Era Of Software Tools
In order to really benefit your expense reports, you need to be able to describe and explain all of your compliance approaches logically. This will help you to realise them in terms of a piece of software that depends on “boolean” logic.
This often requires that you look for unusual ways for team members to work together. While compliance experts are the best at protecting you from regulatory fines and other issues, they may need to work with engineers and IT pros to evolve processes to the next level.
During this process, it’s a good idea to take a step back and look at the big picture. Are there areas where you could be reducing expenses without preventing peak performance? If so, revise your rules and build those new standards into your software.
Is Your Business Prepared To Find And Root Out Expense Report Problems?
When it comes to proactively addressing issues, software can do it far faster than even the most dedicated professional in compliance. This is especially true when it comes to reporting issues that could emerge from anywhere within a sophisticated enterprise’s global businesses.
An expense report can be complex, so curb both wrongdoing and mistakes by making sure the software you use can instantly “red flag” suspect behavior and report it to the enterprise. This will remind employees that when they are abroad, they are still representing your team!