Web based expense reports are becoming more and more accessible to enterprises of all types and in all industries — and just in time, as they might be one of the most critical tools for new regulatory compliance standards.
More than a decade since the development and issuance of the first SOX standards for financial matters in the United States, developed nations like Canada and the United Kingdom are moving toward similar regulatory regimes, not away from them.
Likewise, if you do business within the European Union, you will find that there is a great deal of emphasis on regulatory compliance. Expense reports must be flawless in order to handle the increasing burden throughout continental Europe.
The future seems to have more regulation in store, as major economies such as Turkey start to work toward membership in the European Union. Even other kinds of alliances and associations, such as NATO, can encourage greater economic integration with a higher degree of complexity.
With all of that in mind, how can businesses protect their investments without falling prey to ever increasing expenditures related to compliance?
With Cloud Computing, Web Based Expense Reports Make Your Policies Ironclad
Cloud computing has finally provided enterprises with the tools they need to ensure that each stakeholder in an organisation easily and effectively adheres to all relevant policies.
In the past, policy management was reactive rather than proactive. Auditors would manually review documents, such as travel expense reports, and discover issues that could have happened weeks or months ago.
In the event that a problem was found in documentation that had been officially submitted to regulators, shareholders, or others, then it was often necessary to make an amended filing at great expense.
Now, however, a proactive mindset is possible.
Excellent software for travel expensing can be customised to completely adhere to your internal policies. Likewise, it can be updated over time to ensure that it is always aligned with the needs of a changing regulatory landscape.
Through a Web model, stakeholders who might be located abroad can consistently update their travel expenses and make information available to internal auditors. These, in turn, can find potential problems within days and advise stakeholders accordingly.
As time goes on, it seems clear that new regulations will not be “business as usual.” Deft new tools will innovative in the compliance arena and may even turn the tide for business, cutting down on compliance costs.
Making the most of this means grappling with this all-important “cost center” using a new mindset — proactively resolving issues by making data more visible than ever before.