3 Quick Tips About Compliance and Expense Management

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Another day in the office, another day of reporting travel and expenses. However, how truthful are people when it comes to proper expense reporting? It is becoming apparent that exaggerated claims on expense reports are becoming a problem and are interfering with ability to manage employee and company spend. A new survey shows that manual expense reporting processes are harming employees and the companies they work for, despite automation having taken off in other parts of business spend processes. It is also shown that employees and their managers are to blame for inaccuracies and fraud.

Have you ever felt it unnecessary or inconvenient to submit a small expense report, such as a cheap meal or a bus ticket? The study shows that 50% of employees do, but the other half feel perfectly acceptable to submit these expenses. Let’s admit it; expense reporting is not the most fun activity, but it is a necessity, and it doesn’t always have to be boring and a pain. With a projection for growth of expense management software for the next 3 years shows the need for end-to-end automated solutions, specifically to allow managers to have greater control and reduce reporting errors.

So what can you do to ensure compliance when it comes to properly reporting expenses? The importance of having a travel and expense policy put in place is important to prevent huge losses for your company as well as for creating better compliance with managers and employees. Here are a few quick tips to ensure compliance with a travel and expense policy:

  1. Native mobile application use for employees – with a user-friendly, efficient native application, there won’t be an issue with non-compliance. If employees have access to the app, they can access content and perform functions without a network connection on the go, have a better platform for reporting and viewing charts, and have access to camera usage for receipt capture.
  2. Enforce use of preferred vendors –  Easily make sure employees are booking their flights on the company’s preferred airline and their overnights at the company’s preferred hotels, or buying office supplies from the company’s preferred store. Automated TEM will give you exponentially greater control over how employees are spending the company’s money.
  3. Improve auditing powers –  The solution wouldn’t only automate workflow and processes. It would automate auditing. It would automatically search for and flag duplicates, or randomly audit a certain percentage of expense reports over a certain dollar amount. Instead of actively having to look for suspect expenses, simply get a notification in your inbox.

Interested in learning more about Apptricity Travel and Expense Management? Get this straightforward, unbiased review of leading solutions provided by PayStream Advisors, or feel free to contact us at 214.596.0601.