One market’s taxes alone can be complex and challenging enough, but as you expand across the globe, you find that rules can be slightly different even for the simplest situations. Likewise, the work involved gets far more challenging as you move further afield: Look at countries like Singapore for an example.
If you happen to fail to deal with taxes properly on your expense reports, then you could be in for a charge of fraud. In fact, prosecutors in many areas of the British Commonwealth and beyond are working hard to prosecute examples of fraud.
Naturally, this is hoped to have a chilling effect on those individuals who might try to manipulate corporate finances for their own gain … but it has also helped put business leaders with honesty and integrity on notice.
You need the right tools to ensure that your reputation is fully protected.
For an example, just look at the recent prosecution of Senator Patrick Brazeau and ex-Senator Marc Harb. Both men are now facing fraud charges after the RCMP announced that they had claimed improper travel expenses.
While it’s impossible to know what the details of Brazeau and Harb’s cases will reveal, there is a distinct possibility that any issues were unintentional. Even so, they will have a difficult time both in the courts and in the court of public opinion after such serious accusations!
In order to be ironclad against such accusations, expense reports need to be 100% accurate.
If your business is one that is consistently expanding, then accounting for sales taxes will often be easier if you have the capability to use multiple currencies. ExpensePoint provides your business with an easy and intuitive interface that fully supports international business throughout the Commonwealth and around the world.
What about intentional cases of fraud? Expense reports are often among the most important evidence when actual fraud takes place. Thanks to a multi-approver environment, it becomes possible for the financial landscape of your company to be adequately self-monitored.
No matter how complex your business’s financial landscape may be, or how much travel takes place around its activities, you will be supported. Achieving 100% compliance with all government rules is critical, now more than ever!