For some people, a simpler expense report system is all that’s needed because the only traveling that occurs happens within the country. So the same currency is used, and all that’s really required is a simple accounting of expenditures.
For other companies however, this is simply not enough. If a company has reached the stage where its clients, customers or other partners and vendors are global, then entering the world stage—and traveling through it—presents its own host of challenges as well as opportunities. Expense reports at this point also need to be seriously examined, but ExpensePoint has the solutions you need.
Once an employee needs to fly around the world in order to deal with clients or other requirements, this opens up a whole new set of considerations. Different countries use different currencies, and in addition, each one has its own unique requirements for taxes, sales taxes and other types of financial transactions. An expense report system needs to be able to accommodate these changes without adding to the level of work and complexity on the part of the employees filling the reports and the finance department that must process them.
With modern expense report systems and software, a lot of this is already built into the software. Systems like ExpensePoint, for example, are already aware of the sales tax situations in different countries like Canada, Japan and Singapore, and automatically takes these considerations into account when an expense transaction is filed.
Just as importantly, issues of currency are also taken into account. Whether it’s Yen, Canadian dollars or Singapore dollars, multi-currency reporting can also be a major time and cost saving feature for expense report software, saving other people the trouble of needing to do currency conversions when it comes to looking at expenditures and figuring out reimbursements back at the office.
Being a part of the global business community is an exciting opportunity for any business, and should be embraced if the chance arises. But it’s important to make sure that expense report practices you have are up to the task of entering the world stage and allowing your employees to do the work you’ve sent them abroad to do, without slowing them down trying to keep up with the expense report needs of your finance department. Good expense reporting software addresses all of these concerns without complicating the situation.