Expense Claims Provide Greater Value Than Just Balancing Budgets

Expense Claims Provide Greater Value Than Just Balancing Budgets

Expense Claims Provide Greater Value Than Just Balancing BudgetsEvery business is looking for the most ideal way to capitalize on existing budgets and investments in order to receive the greatest returns. This does include the use of travel and entertainment when wooing clients, which is a practice that results in good client loyalty, better engagement, and the formation of a sound professional relationship. The only problem is that these types of expense claims can harbour hidden discrepancies and padding that is actually benefiting the employee more than the company.

No One Is Above The Law

The first major issue that this represents is internal sabotage, since expense claims fraud does indicate a direct theft from the employee within the company. The other major concern is that the management of the business can still be held accountable, especially when an audit uncovers indications that obvious oversights in spending were allowed. This now doubly impacts the company, but also presents an opportunity to adjust the manner in which expense claims are handled for better management.

In the current news regarding illegal spending by Senators in Parliament, the Auditor General has made a strong argument for better internal policing of any private or public enterprise, as fiscal losses on any of these fronts also represent a considerable burden to actual communities.

In the cases of illegal spending from Senators, the general public suffers in taxation demands, but also in lack of funding for necessary municipal projects and improvements. It is important for businesses of any size to also recognize that their place within the community, even as a private venture, still calls for accountability to that community. False expense claims that can limit company growth can also mean that the larger community suffers through poor economic growth, limitations in job opportunities, and an inability for the business to expand within and with the community population.

 

Accounting For Accountability

Within this greater social context, companies can still meet internal motivations for higher returns and expansion, while also taking steps that will open greater opportunities for the organization and the community. Automated management for expense claims provides a streamlined manner to:

  • Approve expenses
  • Evaluate the authenticity of claims
  • Analyze spending trends and data
  • Compare reports over time
  • Set filters to “red flag” possible spending infractions

In implementing this protocol, companies have a greater ability to manage and monitor expense claims. As a result, they can also avoid possible legal action against the business, but can also evaluate whether expense claims can be seen as a viable investment for returns. This also leads to better management of corporate growth, and the ability to maintain a distinct process for expense claims that will also ensure that an investment in travel and entertainment produces the desired returns.