Experts estimate that business travel is one of the areas of business most likely to be abused by employees. Business travel is crucial for developing important face-to-face business links, but it is also deceptively complicated. Many personnel involved in international travel do their best to submit adequate travel expense reports, but have difficulty managing the complexities while dealing with their global duties.
When it comes to business travel, it is especially important to lead on regulatory compliance. Simple mistakes in business travel reporting can lead to scandal, potentially costing the organisation millions.
For just one example of how this can happen, consider the recent case of Senator Patrick Brazeau and former senator Marc Harb in Canada. While it is unclear, at the time of this writing, whether these two gentlemen intentionally engaged in fraud when reporting their travel expenses, it is clear that the government has every intention to prosecute their fraud charges vigourously.
Better Expense Reports Mean Better Performance For Business Travel Personnel
When your staff members travel abroad, they provide a wide variety of great advantages:
— Acting as “brand ambassadors” to interface with strategic partners and the general public.
— Developing a deeper understanding of the market realities and cultures of different regions.
— Gaining the flexibility and insight to help with the overall global expansion of the business.
— Frequently, the development of higher morale and confidence as a key stakeholder in the firm.
For all of these reasons, it is important that finance executives and other top stakeholders be cautious about adding “excess baggage” to the travel process. As important as travel is, it is exhausting, too – adding more paperwork can make things difficult, not to mention error-prone.
Expense reports are a necessity, but it is a good idea to take the challenge out of the task for those personnel who are frequent travelers. If the process is too complicated, then they will avoid doing it until later, opening the door to critical errors.
Use An Integrated Solution That Makes Travel Expense Reports Easy
By the time you find the RCMP investigating, it may be too late to protect the integrity of the business. When you automate “fiddly” finance tasks, you not only empower the global workforce, but also empower your own organisation to quickly and efficiently review documents – and detect fraud. ExpensePoint makes it possible to turn world travel into a win-win-win situation.