A record number of businesses throughout Canada are reporting that they plan to conduct business in new markets in 2014. While some of these markets will end up playing host to a field office, many of them will simply be a destination for business travel.
Business travel is one of the most important aspects of international business development, and with Canada’s global ties growing in many industries, it is a good idea to “clear the way” to deeper development by making things simpler.
Travel expense reports that may only add up to a few hundred dollars of face value can cost thousands in the long run if they are not managed correctly. As travel grows, it becomes an area of compliance more likely to be scrutinised by government regulators.
That being the case, travel expense reports can be a simple touchstone for future competitiveness.
Dynamic Software Approaches Can Make Global Travel Easier Than Ever
Regional leaders can have more than a dozen countries to deal with, and they may visit each and every one of them in a single trip. During that time, thousands of dollars might be spent each day — denominated in local currencies and subject to local tax laws.
Going through all those transactions with a fine-toothed comb can take hours, in a situation where executives might be present in each market for only a day. To optimise travel expense reports, good software is critical.
Innovators should look for software that manages every step of reporting:
— Capturing the physical evidence of a transaction in the form of a receipt image.
— Instantly developing and saving detailed transaction data with credit card integration.
— Alerting domestic compliance experts in the event of unusual or improper expenses.
— Maintaining a long-term archive of all information pertaining to a trip.
To Shore Up Your Odds Of Success Abroad, Revisit Processes And Technology Now
Streamlining processes that relate to expense report management is a smart move that will have positive implications well into the future. The harder you work at optimising your processes today, the easier it will be to adapt to the changing compliance landscape of many of the top industries in today’s world.
As an enterprise grows on a global basis, business travel should become strongly integrated into the company’s overall “field of vision.” That being the case, you win on two levels when you streamline compliance related to expense reports. The right software can help you do so quickly and easily.