Does your enterprise do business in multiple countries? Whether you are currently working in a number of countries or only plan to do so, one of the most important business competencies you can build right now is the ability to handle expense report requirements for your enterprise.
In Canada and throughout the rest of the world, travel expenses are among the top “Achilles’ heels” of global enterprises. Travel expense reporting can be significantly complicated by a wide variety of different factors that most business travelers might not even take into account.
— Different sales tax and value-added tax regimes across the various sites of business.
— Differences in the currency exchange rate during and after the time a trip takes place.
— Different categories of expenses that may need to be reported or verified in special ways.
Businesses Old And New Should Work Toward Process Automation
Businesses that already have a strong international presence would be well advised to explore the power of expense report automation as quickly as possible. The sooner you automate your key reporting functions, the less likely it is that you will run into reporting issues in the future.
Businesses that do not yet have an international presence are at something of an advantage. They have the opportunity to deploy a solution that will be valuable throughout the lifetime of the organisation — something that will scale as the business grows and becomes more complex.
With Appropriate Support, Expense Report Automation For Big Firms Is Possible
When you are looking for a “software as a service” platform to help you automate an important part of your reporting regime, support is critical. Support can make the difference when it comes to implementing your new software “mid-stream” without disrupting your business.
Expense automation can be managed at a very minimal cost if this support is in place. Otherwise, you might find you need to make a call to a high priced IT or business consultant who can handle the roll out and policy update for you.
Whatever the challenges may be, one thing is for sure: Time is of the essence. Reporting continues to become more complex each year — both in Canada and in other markets where Canadian businesses trade.
If you want to save money quickly and support 100% compliance, take a close look at your expensing processes first.