The regulatory landscape for businesses is getting stricter, in Canada and around the world. It’s important that enterprises work hard not only to avoid impropriety, but to cultivate an image of conspicuous due diligence in regards to financial requirements.
One of the areas that savvy Chief Financial Officers, business owners, and others are looking at more frequently is business travel. While there are countless potential benefits to business travel, expense reports often pile up without adequate inspection.
This leaves internal compliance experts with the difficult task of looking at everything at the end of the year, or whenever challenges arise in the form of an external audit. How can businesses simplify the whole process?
Credit Card Integration Helps You Recognise And Resolve The Weak Link In The Chain
Business travelers are often diligent with their expense reports, but they are prone to make simple and honest mistakes during the process. What is the area where they are mostly likely to err? The fatigue of travel can open the door to mistakes at virtually any point in the process, but many mistakes are made on the basis of misunderstanding differences in rules from one country to another.
Business travelers using a company credit card or their own credit cards in order to deal with travel expenses often have some difficulty reconciling information for expense reports when travel comes to an end.
Some venues in different countries may not accept certain cards, requiring travelers to balance several in order to meet their needs. Likewise, it may be difficult for them to remember and gather all related expenses over the course of several weeks abroad.
ExpensePoint software includes complete integration of credit card information to make things as easy as possible for everyone involved. Credit card integration means that your enterprise will fully capture all of the credit cards related to business travel.
Beyond that, it is important that all information is adequately archived and kept safe. ExpensePoint allows you to maintain information indefinitely, including all of the relevant expense reports. This is a true solution for all the problems related to recording financial data for compliance purposes.
Credit card integration is another great step that brings financial consolidation one step closer to the cloud. When sound financial policies are backed by the right tools, your business will be able to stand up to any auditor or public policy challenge around.