Errors can cost your company in a big way, no matter what aspect of business operations they occur in. While it’s easy to overlook travel expense claims and the impact they can have on your bottom line, the reality is that mistakes in expense reports can lead to big issues including:
- Fraud that costs your company money
- Noncompliance that leads to major fines or criminal charges
- Inaccurate tax filing at the end of the year
- And more
Things get even more complex if your employees travel to other countries – different tax laws and currency exchange rates can make it even harder to stay accurate during the process of managing travel expense forms.
There are several different steps you can take to reduce those errors, however. The following tips can make it much easier for you to get the highest level of accuracy possible whenever you’re overseeing travel expense claims from your team.
- Define Policies Clearly – One of the biggest issues for companies comes when employees don’t fully understand what is accepted as a travel expense. You need to set forth some very clear, well-defined policies and ensure that employees understand them. This way, you’ll eliminate the “I didn’t know” factor that often occurs.
- Give Your Team The Tools They Need – The easier you make it for your team to manage their expenses, the more accurate things will be. Investing in a good software solution will let your team use things like receipt imaging, credit card integration, and mobile access to upload their expense info. This translates to more accurate claims and less errors for you to deal with.
- Analyze Data Properly – Today’s programs also let you analyze the data from your team’s expenses and determine where money is being spent and how. Using these programs lets you set up new policies and adjust your strategies accordingly. It also helps you identify potential cases of fraud or spot unintentional errors that may exist.
- Monitor In Real Time – Online expense tracking programs also let you monitor the spending of your employees while they’re still in the field. In doing so, they provide a way for you to track expenses in real time. It’s a good idea, and one that can help you in numerous ways.
Keep these simple tips in mind and you should be able to get the highest level of accuracy when dealing with your employee’s travel expense claims. It’s well worth doing, and something you need to pay careful attention to.