Expense reports are among the most time-consuming and tedious tasks that your enterprise may have to pass on to your employees. In the case of travel expenses, it can also be difficult for staff members to compile the details they need to make an accurate report.
The more corporate travel a business takes part in, the more imperative it is to seek out a robust, enterprise-wide solution for making expense reports easier. Corporate travel is one of the areas where errors, which could have regulatory consequences, are most likely to be made.
Ask yourself these questions about your current compliance regime and expense reporting:
1) Are Your Corporate Travel Needs Growing Over Time?
Most global enterprises are finding that the need for corporate travel is growing over time rather than shrinking. There are many emerging markets across the world that can provide companies in North America with terrific opportunities if staff members can be on site.
2) Are You Currently Using Mostly Paper Based Processes For Reporting?
If you are using paper based processes to report your expenses, then you are leaving the door open for serious errors. Expense reports that are paper based typically have to be filled out and then scanned and kept on record. During a long and complex process, papers can be lost or key data points can be obscured.
3) Are You Using A Software Solution That Is Not Purpose Built?
In order to save money on software, many companies turn to basic “productivity software” suites such as Microsoft products to do their expense reporting. Expense reports made in this manner are prone to data corruption and data input problems. Spreadsheets that are not purpose built are difficult to update and may conceal errors.
Expense reporting is crucial to the financial health and safety of any enterprise. If you are finding that your key decision makers are traveling abroad more and more often, it’s a good idea to be as proactive as possible in seeing to your emerging needs.
A software solution that provides consolidated, real-time reporting of financial documentation and issues could be exactly what you need. To get the most value out of such a solution, be sure that it is “platform neutral” and can be accessed across a wide variety of devices.
If corporate travel is important to you, then make every trip count by reducing overhead as much as possible. You could save money and streamline compliance while making effective travel much more likely.