It’s a small thing that is so much a matter of course, but people tend to forget about it when there are so many other factors to consider, and that is international taxes. It goes without saying that traveling to another country and spending money there is going to be a slightly different experience than spending in your resident country. But while that’s not a major issue for people traveling recreationally, when a company sends staff abroad for work, and has to account—or reimburse—the staff for company expenditures, the nuances of foreign currencies and tax rates become much more important to the overall smooth operation of company finances. It’s also traditionally been one more headache that both employees and finance department staff have had to contend with when filling, submitting, reviewing and approving expense reports.
This is just one more way that an upgrade to a comprehensive, modern expense report software solution can make work life easier for everyone.
Tax rates and tax laws vary from country to one country. One country, like Singapore, may even reimburse travelers for taxes they’ve paid while visiting, while other countries have more straightforward transactions that are influenced by fluctuations in currency rates. Keeping track of these changes can be tedious and difficult, especially if an employee has a busy schedule and the key goal is to get the job done, not meticulously note every expenditure.
Good expense report software lets employees do both, by making the submission of reports easier, and by taking advantage of a comprehensive software package that can take into account differences in currency and tax rates leaving the accommodation of the minutiae of tax and currency details up to the software, while traveling employees and finance staff concentrate on their primary tasks. The little details are tedious, but essential, and software excels at addressing exactly these tasks, and that makes the process of filling expense reports less cumbersome for everyone.