The expense report process is not only about expense reports; it includes things like defining compliance, travel policy, approval process, and much more. Following the best industry practices will not only make the employee experience better but also save time and money. There are many ways through which this can be done. Let’s take a look at some of these:
Audit your Existing Process
Analyze the way your staff submits, processes, and reimburses expense reports. Working with spreadsheets can work but as your company grows, you’ll need to make the process more efficient. An outdated and confusing expense reporting process will not only make employees frustrated but also result in non-compliance expense claims and reimbursement delays.
Reviewing your expense process gives you insights into what your employees experience every time they travel for work as well as when they review and approve expense reports. Not to mention, what your finance team is up to in terms of reimbursements and forecasting.
Understand how difficult the process is and get to know which processes take too long to complete, where bottlenecks occur, where fraud can happen and from where you get the data required. Any ambiguities in the process not only create confusion but also open up opportunities for fraud. Ensuring your expense process is clear and making those involved know the rules, help you reduce the chances of fraudulent claims.
Make Expense Process Effortless
Once you identify the roadblocks in your existing process, see where you can improve the process. With new technologies evolving in the workplace, your process can be easily improved. Mobile applications can improve workflow by allowing employees to submit expenses on the road while allowing your finance team to access real-time information. Spend management solution make the approval process easy and help build compliance so you never have to deal with expense fraud.
Save Time, Save Money
If your expense reporting process is unclear and creates bottlenecks, it results in unnecessary time being spent in rechecking expense reports, verifying stack of receipts, and many iterations of the approval process. All these steps will take your time, adding up to more hours spent. Streamlining the process with expense report automation does more than saving your employees time, it can curtail possible expense fraud in expense reporting.
Expense report software will help control your expense process by enforcing all the best practices from beginning to the final phase of reimbursement.