Do members of your business frequently travel abroad? No doubt, every time they are required to travel out of the country, they must submit an expense report. For regulatory compliance and strong fiscal control, it’s absolutely critical that every expense be documented fully.
When you are reviewing travel expenses, how easily can you approve unexpected expenses? How long does it take you to review outstanding reports and issue any reimbursements that are necessary? These questions may seem simple, but they can impact the ROI of your travel.
If Travel Isn’t Producing Enough Return On Investment, Sluggish Approval May Be The Culprit
When a businessperson travels abroad for a conference or to visit a prospective client, you usually have only two possible outcomes: Either there is an extremely high ROI – based on achieving the business goal – or there is a net cost based on the travel: A failed trip.
In many cases, the ROI on travel can be millions of dollars – but if the traveler is not adequately prepared and equipped with the resources he or she might need, then you are much more likely to end up with a net loss once you process the expense report.
Ease of approval is the key to ensuring business travelers can do what is necessary, whether that means booking a new venue or a new flight. Clients don’t care about your brand ambassador’s expense report: They want to feel as if their business is crucial.
If you have a slow approval process for outstanding expenses, then your business travelers might feel that they cannot take a necessary risk during travel without getting in touch with the “home office.” While this helps to prevent impropriety, it can also leave opportunities on the table.
Ease Of Expense Report Approval Helps Travel Reimbursements Go More Smoothly
Naturally, you want each member of your enterprise to understand which items are travel expenses they can get reimbursed. Once they do know, however, how far are you willing to trust them?
In many larger enterprises, it can take two quarters or more for travelers to get reimbursements they are entitled to. For this reason, the business traveler often feels that he or she is shouldering the risk for the travel, at least in the short term.
Ease of approval before, during, and after travel – coupled with the ability to review expenses well into the future – is one of the keys to ExpensePoint. It is also one of the keys to morale and that multi-million dollar ROI.