How To Monitor Expense Reports

How To Monitor Expense ReportsIf you have employees like sales reps that are regularly using your company’s expense account during their daily activity, you already know how important it is that you keep track of that information and that you monitor expense reports closely. But you may not realise just how important it is. Studies have found that a growing number of employees actually overspend to one degree or another and that the employer never realises it’s going on. It’s usually not done maliciously – just an extra meal that may not really be necessary, for instance. But no matter what, you still need to keep track of what’s going on.

Using top quality online expensing software is the key to monitoring travel expense reports with ease. And with the help of ExpensePoint and its easy to use travel expense report forms and online access, you’ll have no trouble doing just that. To start with, you’ll need to set up the program and train your employees on how to use it. Request that they upload expenses daily, for example, and be sure to set up mobile apps that simplify the process.

Once things are set up, the next step is to start keeping track of expenses. This is fairly easy as well, and staying on top of it is the best option you have. Since ExpensePoint allows employees to upload their expense reports on the go, and since it’s totally web based, you can actually log in daily and review their ongoing expenses, then approve or deny them before they even leave the road. This way you can recognise when a problem exists and speak to them about it. If they’re approaching a limit you’ve set, for example, you can send them a reminder.

You can also take a more long term look at employee expense reports. With the broad analysis tools and detailed reports that the program provides you’ll be able to filter out data based on numerous things or look at a ‘big picture’ report. This way you can see which departments or employees are using more – or less – on their travel expenses and figure out why that is. If you need to address an issue, you’ll have the data at your fingertips that you need to make the right call.

Tracking expense reports is a must, and while there’s no doubt that travel and subsistence expenses are a must for your on-the-go employees, you’ll want to monitor those expenses to make sure you’re not losing money that you shouldn’t be losing. A good program makes it easier to do just that.