Expense reports are a necessary and crucial part to a company’s infrastructure. They must be maintained for accuracy to ensure that a company is not spending unaccounted money. They are also supplied to the Internal Revenue Service (IRS) each year for tax purposes. During a downturn, companies often turn to expense reports to determine which areas of the business they can cut back on in order to increase profits.
There can be serious ramifications if your expense reports are not honest and accurate. In 2014, we saw two senators from the Canadian government charged with fraud. Both Senator Patrick Brazeau and ex-Senator Mac Harb were caught claiming improper living and travel expenses. They claimed reimbursement for travel and housing expenses for secondary residences near the national capital, Ottawa, even as they in fact lived there full-time. This deception of trust cost them in the end, but not everyone gets caught. If you run a business, you need to make sure that your employee’s expense reports are truthful and cannot be tampered with.
Luckily, with advances in technology, and the impact of the Internet, there are various expense report softwares out there that can make handling this task a lot easier. These types of software can fully automate your employee expense report process, allowing your employees to create, submit, approve and process expense reports online from anywhere in the world. You can simply log on using using any web browser, or a mobile app if provided. Online expense reporting includes receipt imaging, credit card uploading, approval routing, and policy enforcement. Users can even create reports offline if they don’t have access to the Internet, and easily upload them later on.
If you’re a business owner, make your lives much easier with an automated expense report software. The information will be correct and secure, letting you worry about other important matters.