We now operate in a truly global economy, and at some point, growing your business will require finding new markets in foreign countries. This necessarily means sending your employees to those countries, and incurring international travel expenses. The problem, of course, is that international travel expenses add a layer of complication to expense reports that increase your expense report processing costs.
For example, if you’re trying to expand into Europe, your employee could potentially incur expenses in U.S. dollars, British pounds, and euros all on the same trip. Keeping track of these expenses is difficult for the employee, and requires a disproportionate amount of time for accountants and financial staff reviewing the expense reports.
Employees on international travel have little oversight, and it may be harder to obtain the type of documentation necessary to verify an expense. One of the benefits of expense report automation is that employees can be required to upload expenses from their mobile phones as the expenses are incurred. If the proper documentation is not available, employees can use pictures to verify the transaction.
International travel expenses can be reviewed and approved or denied soon after they are incurred, reducing the likelihood that improper expenses will be made again during the trip. In this way, you can reduce fraudulent expenses associated with international travel.
Automated expense report software can ease the process of dealing with international expenses. One of the most difficult aspects of dealing with international expenses are today’s volatile currency markets. Currency exchange rates change on a daily basis. If your employee can’t remember which charges were made on which days of a multi-day business trip, it may be impossible to accurately process your expense reports in your home currency.
By automating the process, the software, with access to live currency exchange rates, can convert the international travel expenses into your home currency as the expenses are incurred. This saves your employees time in recreating their business trips from memory, and saves your financial team time in tracking down historical currency conversion rates.
International travel expenses can be tricky to deal with, but automated expense report software can ease the process of expanding your business into foreign markets.