By now, you’re already well aware of just how important a good employee expense program is to your company. You’re also probably well versed in the numerous features that are offered by the best programs and how they can help you get more from the program. But are you utilizing the data reports your system can generate to their fullest? Most people actually overlook the importance of data reports, and the best expense systems can offer you a wide range of information that you can utilize to its fullest.
If you’re among the many who aren’t using those data reports to enhance your business, there are several different tips that can help. First, understand how to generate your reports. The best employee expense report programs will give you information on individual spending, departmental spending, and companywide spending. You should also be able to look at spending through a certain timeframe or even for a single business trip. Get the information together, and consider the following to help get the most from it.
- One of the best ways to use your data reports is to identify overspending. Whether it’s from outright fraud or something less malicious, overspending can drag your company’s profits down significantly. Finding departments or individuals who are spending far more than others could help you work with them to cut those costs.
- You may also be able to identify employees or departments who are spending very little but netting you a large return on your expenses. This could allow you to try to identify what they’re doing right, offer incentives to them or to others who perform well, and more.
- Another thing your employee expense report data could help with is developing policies or strategies. For instance, you may notice that a certain business trip consistently fails to produce while another nets a large return. You could strategize towards the more lucrative option while cutting down on the visits to the less productive area. Additionally, you could set up policies that help reduce excessive, needless spending.
- Finally, you may be able to use your reports to determine areas that are costing your company the most and then work to reduce those costs. For example, if you notice that you’re spending more on hotel accommodations, you might try to set up a deal with a hotel chain for reduced rates in exchange for regular business.
These are just few ways you can use employee expense report data to your benefit. Get the information and put it to good use, and you’ll be rewarded in a big way.