If your company employees workers who regularly travel for business, you’re already well aware of just how important good expense report management software is. By assisting you in the process of overseeing expenses, these programs make it much easier for you to quickly and effectively move through the expense report process. They also offer numerous features designed to simplify things for you, and most business leaders take advantage of all of those features.
However, in some cases it’s common to overlook certain tools and features offered by a program. To get the best results from your expense report management efforts, one thing that is worth taking a closer look at is the data report feature of your software. The best programs will offer you the ability to create data reports, and it’s something that can really benefit your business in some surprising ways.
The key is to generate as many different types of reports as you can in order to get the best possible overview of your company and its travel expenses. You should be able to generate reports for the entire company, for certain departments, and even for individuals. Then you can also break things down annually, by the quarter, by the month, or even by the trip. In doing so, you create a wide view of your entire business. It can help you really understand where your money is going during a trip.
Once you have the reports, the next step is to use them properly. Here are some tips to remember.
- Try to identify where the most money is being spent on business trips – is it food, lodging, or travel? Then, see if you can find a way to cut down on costs. You might be able to get special discounted rates through a particular hotel chain, for example.
- Look to see if a particular department is spending more than others and then try to understand why. You might need to adjust policies to curb excessive spending.
- Also, individuals may be spending more than others. If it’s excessive, it could be a sign of fraud or just honest mistakes in understanding procedures. Either way, you’ll want to identify and address it.
- Is one employee netting you huge returns on your investment, or is one specific trip making your company more than others? If so, you might need to look closer to see what is making that trip work.
Keep these tips in mind and you should be able to get more from your expense report management efforts.