Expense Claim Software Can Collect Important Metadata

Expense Claim Software Can Collect Important Metadata

Expense Claim Software Can Collect Important MetadataWhen you get the right expense claim software, you make it easier for both travelling employees and business accountants to keep track of where the money is going and thus how much the employee should be reimbursed and how much the company can claim in tax deductions. The convenience of it makes this software a must-have for just about any company that regularly sends its employees abroad, including large companies with international ties, trucking and freight companies where travelling is the business, and even small companies that have to go out and find their customers and clients.

However, arranging compensation isn’t the only way you can use the information gathered by expense claim software. It can be a real pain to go through paper claim sheets and collate all the information on them together, but a software program can easily switch formats and provide a spreadsheet or graph that lets the company accountant see how the expenses of each employee change from one business trip to another and see how they compare to each other. And while a company should be willing to trust its employees, it’s also important to make sure they’re staying honest.

Having this expense claim metadata allows a company to make informed decisions based on past business trips. For instance, if an employee regularly turns in reasonable expense claims for his or her trip but racks up an unbelievable bill at a specific location, that could mean the cost of visiting that place is unusually high or that the employee can’t control his or her spending there for personal reasons. Either way, you’ll know not to send that person to that place again, at least not under the same conditions.

You can also use the metadata collected by expense claim software for a purely budgetary standpoint: do the sales, deals, and information gathered from these trips exceed the cost of sending someone out, or are they losing the company money? Some business trips have less than tangible benefits, such as the name exposure you get from setting up a booth at an industry convention, but a freight company can use expense claim software to add the cost of a trip to the cost of maintaining their vehicles to see whether a cargo run will be profitable.

Expense claim software makes keeping a company’s books much simpler, and it also lets a company make better decisions in the future by collecting metadata about employee and trip costs. No matter how big or small your company is, if you send people on enough business trips to have metadata, then having an easy way to look at it is valuable.