It’s no secret that managing employee expenses effectively can be one of the most difficult things a business has to do. After all, the huge array of variables that exist combined with the element of simple human error means that there are a lot of different factors at work at any given time. However, while some things are easy enough to spot, many are surprised by some of the factors that can influence their expense reporting results – in some cases you may not even realize that an issue is negatively affecting your reports.
Here’s a look at some of the things that can influence your expense reporting results that you might not even think about initially. Reviewing them could help you improve your bottom line.
- Access – If your team is having trouble accessing the system for expense reporting, it could be making a big negative impact on your company. For instance, if your employees can simply pull out a mobile phone and upload a receipt and form into the system, it’s much easier for them to access expense reports than if they have to track down a Wi-Fi hub and turn on their laptop. Mobile access and easier access overall can hugely influence your reporting success.
- Awareness – Does your team of employees even fully understand all of the policies and requirements you have in place where expenses are concerned? Often, invalid claims are filed not as an attempt at fraud but just because the employee thought it was a valid expense. This can create increased work for everyone involved, and can be remedied just by spending some time making sure you talk to your entire team and give them all the info they need to effectively understand what is allowed and what isn’t.
- Review – Are you really taking a hard look at your expense reporting? This doesn’t mean just approving or denying claims – you should go deeper. Using good expense software will allow you to generate data reports related to everything about your expenses. This in turn can help you identify problems and issues, see what’s working, and develop better strategies overall.
These simple steps don’t take a lot of time on your part, but reviewing and implementing them could help transform your expense reporting results and boost your company’s bottom line in a big way.