If your company relies on employees who travel in any capacity, there is a very good chance that you already utilize expense tracking software to help you get more from the process of managing, reviewing, and approving their expense claims. And while taking advantage of all the various features and functions of a good program is important, it’s also vital that you pay very close attention to the data reports your system can generate.
Today’s expense tracking software will be able to deliver a wide range of different information to you in clear, easy to understand reports. You’ll be able to review based on a set period of time or even for a single trip, and also look at expenses on an individual employee basis, a departmental basis, or companywide. Taking this information and using it to improve your company is a big part of using software properly. As a result, it’s worth taking a look at some of the top ways to utilize those data reports.
- Identify Fraud – If you notice that one employee is spending far more than any other, even when they go on identical trips, there’s a strong possibility that you’ve noticed fraud in action. Employee expense fraud is still a big issue that could be costing your company a huge amount of money, and using reports to identify who is spending what can help you eliminate that issue.
- Effective Spending – You might also be able to use the reports from expense tracking software to identify departments or individuals who are spending effectively and netting you big returns on your investment. You can reward these employees or at the very least, use their skills to continue getting more from your business.
- Better Strategies – You can easily use the information you gather from your data reports to develop better overall strategies for your business. For example, you might notice that the expenses on a certain trip are low while netting you a big return on profit. This could lead to a focus on that area of sales. Or you could see that hotel expenses are the big expense for your business and try to strike up a deal with a particular hotel chain for discounts.
- Better Policies – Finally, you can gather the data related to expenses and then use it to develop better expense policies for your company’s bottom line. If spending in a certain area seems out of control, for example, you could try to identify ways to change policies to reduce those costs.
Your employee expenses are an important part of how you do business, but there is always room for improvement. The points above could help you get more from your expense tracking software data reports and help you improve the way your company does business.