Your business is one of the single most important things in your life. Overseeing the different aspects of it is absolutely vital for ensuring that it moves in the direction that you need it to go, and that you are able to stay profitable throughout the future. There are various risks out there that can stand in the way, and using web based expense reporting can actually help defend you against a number of them that you may not have even thought of.
To better understand, it’s worth taking a look at the specific risks that can hurt a company where travel expenses are concerned – and how good web based expense reporting can help protect it.
- Fraud – Fraud is a bigger problem than most companies realise. In a recent study involving 160,000 employees at multiple corporations, it was found that 13.7 million dollars in fraud occurred over the span of three short months. With good expense software, the chances of fraudulent claims being accepted are greatly reduced.
- Error – Simply, human errors are also very common. In that same study, 6.3% of all transactions turned in were actually non-compliant. Of those, 81% were due to simple, honest mistakes. Good software can help reduce the odds of errors occurring and help ensure that your company doesn’t suffer because of mistakes.
- Compliance – Legal noncompliance can cost your company tremendously in fines, penalties, and more. In some cases, companies have actually gone out of business as a direct result of noncompliance with various regulations and laws concerning travel expenses. Using web based expense reporting can help you avoid this issue.
- Poor Strategies – Another area that can cost a company really just comes down to the way it’s run. With good software you’ll be able to take a closer look at the different pieces of data related to your expenses and determine what areas aren’t really performing up to par. Then, you can adjust strategies and develop policies that get you better results.
Thanks to the online nature of web based expense reporting, you can get instant results and speed up your entire workflow, thus boosting your bottom line while defending yourself against the issues listed above. If you’re looking for a good way to improve your company, this is one option that’s well worth taking a closer look at.