One of the harsh realities of business is that employees tend to steal from the company. Research suggests that employees are more apt to steal when the company is larger. The employee figures that there is nobody watching; that there is less oversight. They also feel that a large company won’t miss a thing or two, or a few dollars here and there.
One of the leakiest spots on the boat that is your company pours right through the employee expense report. Employees tend to fudge the figure here and there to get a little more luxury out of work. They tend to bend the rules, misplace receipts or put a night of drinking on the company card and call it “dinner.” Everyone knows this happens and it may feel like there is very little that can be done about it. But there is an interesting exercise to see just how much wasteful spending there might be in the work force.
This only works if your expense reports protocol can be upgraded. What you want to do is get the numbers from accounting. Get the average amount of money spent over the last few years. Or you can get more specific and target a convention or a business trip out in the future. Get the amount of money spent on that event in the past, then implement an expense report software protocol and see what kind of spending takes place at the event this year.
With expense reports software, you can have a lot more oversight when it comes to company spending. You can see what is being spent and where. And you can see all of this in real time if you really want to. Make sure your employees know that they have to send in expenses to the online expense report software right away, along with a picture of the receipt. The employee can do all of this from a smart phone at a dinner, lunch or meeting. The picture of the receipt can be uploaded into the software’s cloud system. The expense reports software then takes over.
Pop into the system. Check up on your employees in real time. In fact, you can tether the whole system to your smart phone and receive updates in real time. You can approve the spending from your phone or any computer. It is important to train your employees to use this software properly. It is easy, but you want to make sure there is a standard procedure in place.
When the employees feel like there is more oversight, especially when that oversight is in real time, they will be less apt to fudge the expense reports. All you need to do is compare the spending before the software install to the spending that took place after the procedure was in place. It will give you an approximate idea of just how much money the company saves; how much less frivolous employee spending has become. In this way, the software pays for itself.