Your company will need a lot in order to succeed throughout the future. Good sales, good marketing, strong employees, and a good overall bottom line are all needed to ensure that you’re able to move your company forwards toward success. However, another thing that may need to be given special attention is the way you oversee travel expense management. Specifically, you need to ensure that fraud isn’t a factor and that you are fully compliant with all laws and regulations.
It’s not just businesses that need to stay on the right side of the law when it comes to travel expense management. Recent charges brought against Senator Patrick Brazeau and ex-senator Mac Harb help to highlight just how impactful these things can be on your bottom line. In this case, the two men are charged with claiming travel reimbursement for secondary residencies that were actually their full time homes.
While your employees likely won’t be filing expenses for their homes or for second homes, the fact remains that there is always the chance of fraud or of simple – but costly – clerical errors when it comes to your travel expense management. For instance, a single tax form filled out incorrectly could lead to hefty fines and could even bring about criminal charges.
Those charges and fines have closed the doors of many businesses, and even major companies aren’t immune to the issue.
So how can you avoid the issue? The best option is to set very clear policies in place where your expenses are concerned and to utilise software programs that make it easier for you to handle the task of travel expense management. These programs allow you to take a close look at expenses of a single employee, an entire department, or your company as a whole. It allows you to determine where money is being spent, and see if fraud could be an issue.
And since the systems automate the most difficult aspects of managing travel expenses, you also have a greatly reduced chance of honest errors. We’re all human, and we make mistakes. But with a good software program on your side you will eliminate almost all of those mistakes.
Noncompliance could be a tremendous issue for your company, without you even realising it. Taking the time to upgrade to a system that automates expense management is a good step towards protecting yourself.