Unless it was a particularly delicious meal, you might not even be able to say exactly what you had. Likewise, experts have learned that if receipts aren’t put away in a safe place intended for that purpose within an hour, they are likely to be lost.
Even once you have put your receipts away, you still have a significant risk of them becoming disorganised in the future. Receipts are usually made of thin paper and have a tendency to crumple, become worn, and even become impossible to read within a short time.
Now, imagine those receipts and the impact they have on your expense report during travel.
An Accurate Expense Report Is More Critical Than Ever For Canadian Businesses
The government is prosecuting more and more cases in which business leaders were revealed to not take proactive action in safeguarding compliance. Executives need to be concerned about taking steps to ensure they can never be perceived as negligent in their reporting duties.
Unfortunately, when it comes to an expense report for business travel, it is very easy for an honest oversight to turn into something that might not reflect well on a person’s reputation.
If you’ve ever lost a receipt from business travel and decided not to expense an item as a result — just to be on the safe side — then you are certainly not alone. If, in the same situation, you chose to expense an item because you felt confident it was legitimate, you are in good company, too.
Unfortunately, the margin of error for undocumented business expenses is becoming very slim. The solution is to ensure the hardware most business pros carry every day — their mobile device — is completely ready to serve as a repository of key reporting data.
The Right Software Can Capture Your Receipts Within That Critical Hour
With a good expense report suite for travel, you can capture the information you need from your receipt in a permanent, cloud-based digital form. That helps to absolve you, to a great extent, from the trouble of keeping piles of receipts for everything you expense.
Take action quickly, though — compliance costs and noncompliance fees are both going up. The sooner you implement a solution, the more you will stand to save.