Expense Tracking Solutions For Travel Costs And Process

Expense Tracking Solutions For Travel Costs And Process

Expense Tracking Solutions For Travel Costs And ProcessCompanies that rely upon employee travel in order to do business also have considerable concerns over travel expense tracking and maintaining proper controls and protocols over the spending. Although employee fraud is most common on trips, as oversight is not present, it is also an action that can grow over time. Frustration, feeling that the job owes them something, and general temptation can all contribute to falsified or padded travel expenses.

All of these factors also contribute to the main issues that companies report as being an issue in expense tracking. These include:

  • General increases in travel expenses
  • Inability to enforce company policies when employees are on travel
  • Being unaware of how and where funds are being spent
  • High costs in processing expense reports
  • Inefficient processes, including manual data entry and receipt retention
  • Long time for reimbursements to be approved

These concerns also show a corporate awareness that issues for expense tracking with employee travel can originate from many levels within the company. This also indicates how continued fraud can become a cycle that is also based on the inefficiency of process for filing and approving expense claims.

 

Looking In A New Direction

In order to change the corporate culture to one that is efficient and also satisfied with the job, expense tracking software can provide the solution. In considering the current way that many companies process expenses, it involves

  • Paper receipts that are mailed to accounting
  • Employees fax their paper receipts to accounting, along with the appropriate paper work
  • The paper receipts are mailed to a provider who is outsourced

Each of these alternatives creates a lengthy and cumbersome process that can reduce morale for many employees, especially the one waiting to be reimbursed.

Automated expense tracking programs can integrate systems, and allow for a seamless online process in tracking and managing expenses. Employees can use digital capture on receipts, and the system processes the expenses appropriately. For managers and employees, automated expense tracking can facilitate both travel, and the process of work.