Every company operates under a set of principles and best business practices in order to generate stronger returns which can lead to sustainability and expansion. Although an initial structure to the protocols can be well suited to the business for years, changes in hierarchy and approaches to building the company may also require a re-evaluation of best practices.
Although many factors impact the company budget, an employee expense report will uncover unknown places where resources are being used for either positive or negative outcomes. Having greater control over and access to an employee expense report can also let CFOs utilize adjunct operational protocols to assess whether these expenditures are valid and in the corporation’s best interest.
SWOT For Teams
One of the best structures for evaluating and monitoring the progress of the company is the SWOT design. While this can provide insight into a number of places where resources may be put to better use, SWOT analysis as a template for employee expense report evaluation can also be effective in uncovering fraudulent charges.
- Strengths – in considering the trends on an employee expense report, definite strengths in practice can be correlated. Although some expenditures may be high, the result can also be the retention of a high-profile client or business contact, which makes the expense investment a positive one.
- Weaknesses – while this can apply to the actual reimbursements that are questionable on an employee expense report, this can also be in reference to company protocols for authorizing, verifying, and managing these expenses. Although companies can offer perks for travel time, these should also be well defined and monitored.
- Opportunities – these can include teachables for the culture among employees who travel a lot, but it can also refer to places within the overall operations where changes can lead to more positive outcomes. Tools such as expense automation or real time access to employee expense reports are also resource opportunities for streamlining the company.
- Threats – this is really any place within the company where drains on budget, productivity, efficiency, and effectiveness can directly or indirectly cause harm for the corporation. Fraudulent charges on an employee expense report, or lack of accountability in spending can all be considered as a part of this feature in the analysis.
The SWOT analysis can be highly applicable to CFOs, accounting teams, and other managers who are responsible for handling fiscal concerns. However, this style of analysis is also made easier through automation and web access to the necessary information. With the incorporation of technology into expense management, trouble shooting threats and weaknesses can also be a fast and efficient process.