Of course, it can take many hours for a compliance specialist to comb through all of the information that a travel expense report might have — especially if the itinerary has included several different countries over a protracted period of time.
However, much of the time investment in developing reporting has traditionally been borne by the business traveler. A quick review of the different aspects of reporting paints a very clear picture of which issues are the most onerous:
- Calculating Taxes
Tax rates and requirements throughout the world continuously become more complicated rather than less. In some countries, cities, provinces, and even different categories of businesses have different tax rates. Plus, currency in many markets may significantly change in value during a trip.
- Getting Approvals
For many enterprises, approving unusual travel expenses for an expense report is frowned upon. When prevention is the focus rather than proactive approval mechanisms, getting expenses cleared by the home office can take days. This significantly reduces the capacity of business travelers to take action.
- Maintaining Receipts
Maintaining receipts for an entire business trip can be an extraordinary challenge. Only the most conscientious individuals work hard at maintaining receipts while they are based domestically — add in thousands of miles of travel and dozens of transactions each day and it becomes a far greater challenge.
The Right Software Can Help You Virtually Eliminate All Of The Issues Above
If you were keeping track, you would probably count hours or days as the toll of the three items above. Yet, even now, the right software can help you streamline or even eliminate them. Receipt imaging alone can help you to plug compliance holes that might have vast costs associated with them if they went unaddressed.
With the compliance landscape growing more complex with each passing day, receipt imaging is fast becoming an important competitive advantage for business travel compliance. When you fully integrate receipt imaging into your business expense reports, you quickly find that you can save hours on the most common compliance tasks.
Even if your business is already using software that helps expedite compliance in business travel, you can benefit significantly from trading up to a more robust solution. Ensure that the next piece of software you choose offers full receipt imaging as a native part of the work environment.