Staying Compliant With Expense Report Software

Business MeetingNo matter how much you may want to complain about them, or how much we all dislike them, sometimes there are laws and regulations out there that aren’t going anywhere. No matter where you are located or what type of business you work in, staying compliant is a vital part of any business operation. Even those in the government aren’t immune, as the recent cases against Senator Brazeau and ex-Senator Harb show. Good expense report software can help keep you compliant, however.

 

As highlighted in a recent BBC news article, in the cases against the senators, their travel expenses and living expenses were the primary sources of the non-compliance. In particular, the senators are alleged to have claimed reimbursement for their housing expenses by claiming them as secondary residences – despite the fact that the homes were their full-time residences. And while dishonesty may have played a role as well in this situation, anyone – no matter how honest – could end up facing harsh penalties as a result of non-compliance. That’s why using expense report software like ExpensePoint is so important for your business.

 

Failure to remain complaint can lead to serious issues, including:

 

  • Legal fees and fines
  • Profit loss
  • Shutdown of business, either temporarily or permanently 

 

Even a minor infraction can cause major problems, and could actually lead to a business shutting down entirely.

 

Let’s face it – even a small business can’t keep a complete and total eye on everything related to their employees. Travel in particular is a serious issue, and while you will want to keep your employees on the go without having to spend their own money, managing travel expenses is one of the biggest sources of non-compliance out there today. The reasons are various – it can be difficult to keep track of what expenses are actually allowed to be claimed as travel deductions, for one. It can be easy to lose receipts and records as well, and if an audit or other similar compliance related examination occurs then that lack of information could lead to serious issues. But expense report software makes it easy to keep track of receipts, manage deductions, store records for easy access, and much more.

 

At www.ExpensePoint.com you can access expense report software that offers a tremendous amount of versatility, power, and the ability to help you avoid non-compliance for good. Staying compliant is a must for keeping your business operating properly, so don’t overlook the power of a good program.