Before you face the possibility of another audit, be proactive in auditing your own expense policies. “Putting your own house in order” on a regular basis will help you to uncover areas for improvement that might be hard to spot in day to day practice.
Let’s look at the most important ways to make your travel expense report policies better — especially where they relate to one of the fastest-growing expense categories for many businesses, travel expenses.
Things To Think About When Evaluating Your Travel Expense Report Policies
Shifting The Burden Of Expenses Away From The Enterprise
There may be travel reimbursements that your company is making that you do not necessarily need to make. Look for areas where you can safely reduce costs without making the travel process itself more complex.
If you are using a company that helps to set up hotel accommodations for your business travelers, for example, consider re-negotiating the contracts that you are operating under. By being proactive, you can get more for less.
Streamlining The Core Processes In Business Travel
When possible, streamlining the core processes is the best way to get better results in both cost reduction and compliance. For that, you will usually need to take on the short-term expense of a software rollout in order to provide long-term certainty that reporting of expenses will have a much lower error rate.
Reducing Overall Travel
Sometimes, it may be possible to limit overall travel by pursuing further virtualisation strategies. However, since this has a tendency to be a long-term, strategic concern, you should begin with a “top to bottom” reassessment of business travel first. This can free up resources and cash flow for ensuring that all travel is genuinely necessary to your strategic goals.
Realise Your Opportunities By Seeking The Right Software For The Travel Expense Report
There are bound to be areas of opportunity that you will find when dealing with travel expense report approaches. However, the best way to leverage these quickly and easily is with a strong combination of human and technological approaches.
That’s why it’s critical to ensure you have software that will back up your policies: No matter how well-planned they are, when the rubber meets the road, only the right technology can help you make certain that they will be adhered to.
Look for an experienced, trustworthy, and truly global software source to meet your needs!