If you’re starting a new business, or—more happily—your current small business is growing to the point where it’s not so small and is starting to require more travel, then it’s time to start thinking about how to manage travel expenses.
This was a relatively easy thing for you to do when you only had to worry about yourself, but once you find yourself in a situation where you have other employees who need to travel and do business on your behalf, you’ll need to track their expenditures when they travel. There are a lot of reasons for this. Simple, responsible financial accounting is one reason, since any money they might spend while on a business trip is still business spending that you need to keep track of.
The other reason may be for reimbursement purposes, if an employee is ever in a situation where they need to spend money on the company’s behalf, but it is coming out of their own pocket. In both of these situations, this kind of spending needs to documented and tracked, which is where expense reports come in.
Fortunately, if you’re just coming into a stage of your business where you need to think about and learn how to do this, you’re entering a much easier and more efficient time.
Automated Expense Report Software
The modern business no longer has to worry about creating and formatting expense report forms, instituting a policy for the collection and photocopy reproduction of receipts and processing stapled receipts attached to hastily filled out forms. Reporting expenses now occurs on subscription, web-based services like ExpensePoint that allow for photos of receipts to be taken with a phone or tablet camera. The forms themselves are automated and online, so employees only need to activate the software on a computer, or the app on a phone or tablet and fill out whatever information you require so that it is stored online.
This way, you or your financial staff can also look at these expense reports as they are filled out, and, if you have company credit cards, they can be added to the software, so that any expenditures using these credit cards are automatically tracked and logged on the system, meaning that employees don’t even have to fill those expenses on the form, the system does it for them.
Automated expense reports are faster, more convenient, more efficient and easier to use than the older systems. If you’re only just now starting to think about expense reporting for your company, make the adoption of this system easier, use an automated expense report system right from the start.