Sometimes, simple is better. That’s true in the business world especially, when a streamlined system makes it easier to accomplish goals in a more productive manner, reduce errors, and ensure that your business keeps moving forward properly. While various aspects of doing business get plenty of attention when talking about streamlining for efficiency, one area that is often overlooked is that of expense reporting. If you have employees that regularly use expense accounts, you already know that a good monthly expense report is important for keeping things moving fluidly. There are some keys you can keep in mind that will help you streamline your entire expense report system, and remembering them will help you in a big way.
For starters, be sure that you get the best expense tracking software out there. A few different things will influence whether or not you’ve done that including:
• Full level of expense reports. You want a system that handles everything, from mileage to meals to hotel stays. Be sure the system you set up will manage all types of expense reports.
• On the go use. You also want your employees to be able to fill out an expense report from anywhere. Web-based expense software that also has mobile apps associated with it will make it easy for your employees to keep their reports up to date.
• Easy to use. You will need a system that is simple to use, as well. Easy access to data, easy to use software, and an overall highly efficient system is the key to successfully streamlining everything about your expense reporting.
Once that you set up the proper software for your company, the next step is to make sure your employees understand how to use it. A quick lesson on operation is a good starting point, along with a reminder as to what is and isn’t allowed to be filed as an expense. Once you have the right system and your employees are trained on proper usage, the rest of the pieces will fall into place quickly.
Finally, you will want to utilize the reporting features that systems like ExpensePoint offer. Instead of just looking at a wall of numbers, today’s reporting systems offer you numerous graphs, charts, and reports that break down exactly what is happening in your business. You can look at individual employee expenses, department reports, and more. This way you can figure out where strengths and weaknesses lie and strategize accordingly.
Your business should continue to grow, and along with that growth will come many challenges. By streamlining as much of your day to day processes as possible, you’ll help ensure that your business keeps that forward progress. The right steps to streamline your expense report system will be well worth it.