Today’s expense tracking programs offers a lot of different features and functions to those that choose to use them. Everything from mobile access to receipt imaging to credit card integration will be offered in the best programs, and each of these features is important in its own way. However, there is one feature that is so important it simply can’t be ignored when looking at all of your options.
That feature? Data reporting, which allows a user to quickly call up detailed reports, charts, and graphs related to their company’s travel expenses over the last quarter, week, year, or even a specific trip. This information is a gold mine of potential, and using it correctly can help your company in numerous important ways. There are several things that should help make it obvious why data reporting is needed.
- You can use the reports to identify potential cases of fraud or of honest mistakes within your employee spending habits. For example, reviewing the information and spotting one employee who is spending far more than others could help you figure out just what is causing that excessive spending to take place.
- Your data reports will help you identify areas that are major expenses and address them accordingly. Expense tracking programs could show you that you’re spending more on accommodations or airfare than anything else, for example. You might take that info and use it to develop a deal with a hotel chain or airline for discounted rates.
- Data reports can also allow you to develop better strategies or policies for your company. For instance, you can review info and see which business trips are netting the best return on your investment. Or you can see where employees are spending the most money on each trip. Then you can plan your actions more effectively in order to maximize on those business trips. If one area isn’t netting any results, for example, you can reduce the frequency of visits there and increase business trips in the locations that are working for you.
They say that knowledge is power, and that’s obvious when it comes to data reports. The info you can get from reviewing them is a big part of getting the most from expense tracking software, and can help you determine what areas need to be changed. If you’re serious about taking your company into the future, be sure your expense program provides you with the ability to generate data reports.