Accuracy of information when filing taxes is very important, especially when it comes to compliance. The IRS has very specific rules for what business expenses become a tax write off. And with older models of making spreadsheets for expense reports, the numbers can get confusing. Accounting may not even know which expenses are which. And by the time accounting finally gets the spreadsheets, too much time has passed for the employee to remember, too. You need an integrated solution that gets results sooner.
Doing expense reports using automated software and integrated apps has shown to reduce spending and increase compliance. This means that the company saves money on business related expenses while scoring more of a tax write off when it comes time to file taxes. Software that keeps up with expense reports in real time save your company money on two fronts.
One of the easiest ways that this program saves you money is with compliance. Each expense can be cataloged right away on a smart phone app. Each expense can be logged with a short message reminding the employee what the expense was for. When the report is filed, the approvers and accounting know exactly whether or not the expense qualifies under IRS rules. This means more expenses are written off and spending become easier to explain in the case of an audit.
The program can also help to lower the cost of everything, including travel. Since the expense reports are updated frequently and automatically, an analysis of spending can be made. Changes in the way that employees travel yield the largest and quickest results when it comes to savings.
The program deals with the issue of spending in an immediately and thoughtful manner. Expenses are easy to identify and analyze, allowing your company to make adjustments in the business plan while saving you money.