Chances are good that your company relies on its sales reps to bring in the sales you need to stay afloat. And there’s also a good chance that you provide your reps with an expense account or at least some measure of spending capabilities in order to ensure they’re able to keep your clients interested in what your business offers. But sometimes it’s easy for a sales representative to overspend.
Overspending is a common issue, and one that isn’t always caught by employers. Sometimes, a sales rep is simply spending more than they really should – and sometimes you might not even notice it. On other occasions, you may notice it but not be completely sure what to do about it. Usually, their overspending is nothing more than an accident. In other instances, they didn’t realise that they were spending too much. No matter the reason, there’s no denying that you need to make sure your sales reps aren’t overspending.
But how can you do it?
The first answer that comes to most employers’ minds is to punish them for their mistakes. And while there’s no denying that you can easily deny certain expenditures that aren’t valid, it’s also in your best interest to look at a more productive and positive alternative.
Your representatives probably turn in employee expense reports in order to provide you with the info you need to keep track of their expenses. Reporting expenses is a straightforward process, but today it’s better to upgrade to a program like Expense Point that is designed with keeping track of expenses in mind. These automated, intuitive, web based systems make it easy for sales reps to submit their spending reports anytime, anywhere.
They also make it easy for you to track expenses. In addition to making it simpler to submit reports, good online expense report software like ExpensePoint actually allows you to immediately look at, review, and either approve or deny expenses as you see fit. And they’ll provide high quality reports and charts that let you quickly and easily determine which employees are spending the most and whether or not they should be. With intuitive analysis that lets you filter data based on employee, on department, and more, you’ll be able to figure out just where you’re losing money.
In short, there are numerous steps you can take once you know that a sales rep is overspending. But the first step you’ll have to take is actually figuring out where the money is going and who is spending what. Automated web based expense reporting systems make it easy to do just that and start curbing overspending quickly.