Despite the efforts toward integration represented by the European Union and its constituent bureaucracies, there is still a long way to go before compliance regimes are both stable and predictable.
Until then, enterprises operating in Canada will have to exercise caution when working across the European Union. Other regions of the world, including Asia, Africa, and several areas of the Americas, have stalled on the path toward integration.
With compliance becoming more challenging and integration nowhere in sight, it’s important to take proactive steps in ensuring compliance documentation is in order: That means everything from the simplest travel expense report to the most complex shareholder document.
Private Businesses Are Working To Advance The Science Of Compliance With Automation
Instead of waiting for compliance to be streamlined, enterprises are showing greater and greater investments in automation on their IT expense report. Automation can give businesses some key efficiency advantages when working around the globe.
What are the trends driving automation?
The Cloud Is Here
For more than a decade now, businesses have waited with bated breath for what the cloud would bring to the table. Now, it’s not only possible to tie disparate global enterprises together with the cloud, but it is actually becoming easier daily.
Compliance Is Big Business
Over the last five years, most businesses throughout Canada have reported higher and higher costs relating to compliance. Luckily, however, cloud technology provides the opportunity to reconceptualise how businesses handle record keeping, storage, and compliance hiring.
Business Travel is a Growing Expense Report Challenge
Some of the biggest financial opportunities in the world are to be found in the emerging markets of Asia and the Americas. In some areas where Canadian executives find themselves working, local technology infrastructure is unreliable, but globalised cloud infrastructure is not.
For all these reasons and more, companies around the world are looking for ways to centralise and automate travel expense report functions. Canadian businesses are frequently at the vanguard of this global endeavour.
If you are still using manual and paper-based processes to deal with reporting of expenses, remember that cost reduction opportunities for early adopters are immense. When you implement new processes, their savings impact increases over time. Starting early is imperative to save the most money.