There is no question that nearly every company with travelling employees operating today will be using some form of expense software to help them manage their employee’s expenses. However, it’s surprising just how many businesses ignore the power of some of the different features their program may have. For example, while plenty of businesses fall in love with things like mobile access and receipt imaging – and rightly so – they end up forgetting that one of the most important tools in their arsenal is the fact that they can generate data reports about their expenses.
Any good expense software will do this, and by taking the time to carefully review data reports you could boost your company’s bottom line in dramatic ways. So, are you using your expense software data reports effectively? Here are some things to look at.
- Are you seeing who is spending what? While there’s no questions that certain trips or certain employees may just require a little extra money, if you review the reports and consistently see that one employee is spending far more than others, it could be a sign that you’re the victim of fraud.
- Are you looking to see which trips are the most profitable? With a good expense software data report, you’ll be able to review how much you spend on a trip and compare it to the net return on the investment. This can tell you which employees get results or tell you which areas of your customer base are the strongest, letting you develop new strategies.
- Do you see particularly high expenses in certain areas? For example, are you noticing an increased cost in the price of airfare? Or are hotel stays costing you a fortune? If you can identify which aspects of travel are costing you the most you may be able to set up deals with airlines or hotels that give you reduced rates.
- Are there issues you’re seeing where you could be saving money if your policies were worded more clearly? You might be able to review data reports and adjust your expense policies in order to better drive up your profits – without making it harder on your employees.
These are just a few examples of how you can use the data reports from your expense software to get better results from your expense management efforts. If you put the reports to work for you, you’ll be surprised at what kind of results you can get from them.