By now, any company that has to manage employee travel expenses knows that using good expense report software is one of the most important things it can do for itself. And there are numerous features to look for in a good program – things like mobile integration, credit card integration, and more. But there’s one aspects of the programs that is often overlooked, but that really shouldn’t be – data reports.
While it may seem like data reporting is a minor, almost ‘throwaway’ feature in an expense report software’s capabilities, it’s actually one of the single most important things about these programs. Data reporting allows you to generate lists, charts, spreadsheets, and graphs of your employee expenses. You should be able to categorise the results and view virtually every aspect of your expense spending. This means multiple things for you and your business, and the main reasons it’s so important include the following.
- It allows you to determine which employees are spending the most, and which departments are doing so as well. By comparing the expenses of multiple departments or employees you’re able to determine whether or not spending needs to be cut back in certain areas.
- Good data reports can also show you where your expenses are netting you the most return. By doing so, you can then look at them to figure out how best to adjust other areas of your business to increase your bottom line.
- Data reports generated by expense report software can also help you spot fraud or errors. By viewing the expenses overall, you’ll be able to spot large discrepancies in spending and determine whether or not an issue exists there.
- You can gather the different bits of data, analyze it, and adjust your overall business strategy in a big way as well. Using information from these charts could help you set up new policies and develop strategies that lead to a better future for your company.
Knowledge is power, and the information that can be provided by the data reports of good expense report software may help you get the kind of info you need to make adjustments to how your company operates. Use them wisely, and they’ll help your business move into the future.