Credit Card Integration Means Efficient Travel Expense Reports

Credit Card Integration Means Efficient Travel Expense Reports

Credit Card Integration Means Efficient Travel Expense ReportsWhat would you assume to be the single most likely error in travel expense reports?

There are several common kinds of errors that plague expense reports from all over Canada. No matter how careful your organisation has been about ensuring the accuracy and compliance of your reports, your team probably deals with these issues:

 

Abrupt Changes in Currency Valuation During A Business Trip

Some currencies are particularly volatile, especially in developing markets. Before you know it, the value of local currency or the prices that you can expect for standard goods can change very rapidly. This can make it difficult to track expenses from one day to the next.

 

Different VAT and Other Tax Regimes In Different Areas

One of the most important issues in compliance is ensuring you meet all of the requirements and expectations of VAT. However, VAT can differ dramatically from country to country, province to province, and even from city to city in some nations.

 

Language Issues Relating to Original Financial Documents

When you are traveling abroad and purchasing items such as food and lodgings, it can be difficult to interpret original language receipts. This being the case, you can easily make computational errors unless you can capture an image of the receipt.

With all of these problems in mind, what would you imagine the margin of error on average expense reports to be? Although it is critical that expense reports be as accurate as possible, many of these reports can be off by 10%, 20%, 30% or even more.

With this kind of mistake, you could quickly find yourself dealing with serious compliance issues. Instead of having to backtrack and figure out what went wrong, it is a good idea to use complete credit card integration in your reporting solution.

 

Credit Card Integration Can Quickly Correlate Your Travel Expenses

Not all of your business travelers will have the benefit of a corporate credit card to work with, but with full credit card integration, you can track items across as many different credit sources as you need.

Likewise, you should always look for a solution that adapts to your expense policies and ensures that every individual expense meets those guidelines. A proactive “red flag” to the central office can help to prevent mistakes.

Before your next major business trip, implement a streamlined, purpose-built expensing software program that can provide full visibility of credit transactions. With cloud technology, it is easier than ever.