If your enterprise was forced to defend itself from an audit today, how well do you feel that you would fare? Businesses from the smallest to the largest, all over the world, are increasingly in the sights of regulatory compliance agents.
Since compliance has the power to generate revenue for government entities in uncertain times, it is traditionally an area that grows even when the economic conditions are difficult. No matter whether the times are boom or bust, you should always be prepared for an audit.
Now, let’s return to that hypothetical audit scenario.
There are really multiple questions here when it comes to travel expense reports:
— Are your compliance policies thorough while still being clear to affected parties?
— Have your compliance policies been followed to the letter by every key stakeholder?
— Can you be sure that unintentional human errors haven’t occurred in your reports?
Mistakes can be made at any time, but when facing an audit, it is important to be able to show that your enterprise has done everything possible to avoid even the most challenging types of mistakes.
That being the case, implementing detailed and rigorous expense controls for your travel expense reports can be valuable. Make sure that they are well-documented, but also make sure you can back them up in practice.
Even Well-Intentioned Compliance Errors Can Be Costly, So Ensure You Have The Right Tools
If your enterprise is placed in the position of defending its performance in terms of an audit, you need to be able to show that you have ironclad policies in place. Perhaps the most important way you can demonstrate that policies have a vital existence outside of paper is by instituting a good software solution to ensure expense controls are practiced.
Even if things go wrong in terms of mistakes or abuse by some stakeholders, your software should be able to archive expense reports and demonstrate that strict rules were in play. This can help burnish your reputation and limit accusations of wrongdoing that might otherwise lead to hefty fines. If you do run into trouble, software can accelerate your damage control.
Help protect yourself against the human errors that can get claims rolling as well as the charges of negligence that can make them work — take time out to evaluate your options when it comes to a potent, proactive solution for your travel expense reports.