With ever changing regulations and business policies, it is difficult for organizations to stay on top of T& E compliance. Continuous monitoring and strictly enforcing compliance requires you to outline the right policies and follow the best T & E practices while assuring the greatest visibility:
Here are a few tips that help you stay on top of T & E compliance:
Establish Smart Policies
Make sure you have precise policies & procedures for business spending. While outlining travel policies keep employees travel destinations in mind and draft a set of rules as per local laws.
Follow Best T & E Practices
Not all employees will read pages of policy documents, you have to interact with employees and guide them to follow the best T & E practices. Following the best practices will take hurdles out of the expense management process.
Let Travelers Make Decisions
The online expense report software you choose should allow employees to submit expenses for pre-approval, guide while making travel decisions, and capture every itinerary irrespective of where the bookings were made. Guiding travelers through every phase of booking process can ensure better T & E compliance.
Give your business travelers mobile applications and allow them to manage expenses and access information on the go. Allow employees to capture receipts from their smartphone, eliminating the need to keep receipts throughout their travel.
Instruct employees to submit expense reports to managers for review and take their approval before submitting the reports for reimbursement. Managers can flag out-of-policy expenses and achieve greater compliance.
Analyzing the data can help spot anomalies in the expense claim and allow you to quickly address T & E policy concerns, regulation changes and internal fraud. It also allows you to look into your company’s T & E spending so that it would be easy for you to detect potential pitfalls much faster.