Almost every organization has to tackle expense reporting. Establishing and implementing an expense reporting process can be a difficult task. While automated expense reporting software can offer strong controls for better expense management, a comprehensive view on internal controls and audit procedures help develop an effective T&E process.
All employees should be aware and have immediate reference access to the clear and concise rules of organization’s T&E policies. The policy should also include the list of preferred suppliers, non-reimbursable items, and so forth. Automation saves cost and provides better control and enforcement of your policy. Organizations should select an automated system that best suits their business culture and employee behavior. Policy controls should be developed and the automated solution should reflect the rules in the corporate policy.
High visibility improves control and the improved access to all documents, actions taken, and activities provides effective audit trails. Enterprises need to select a system that comes with inbuilt report templates, tested and available for immediate use. It should also be capable of generating special reports for audit review. Mobile accessibility is required to make it simple for your employees to submit expense reports, as well as for approvers/managers to access, review, and approve from anywhere, anytime.
Companies should create a comprehensive but clear employee training program to not only share the written reimbursement policies, but also fraud policy and organization’s definition of what represents illegal activity.
World-class expense reporting software can efficiently and effectively manage your business expense reporting process. The cloud-based solution provides a simple, easy-to-use interface and business strategies that can be configured to your unique expense management guidelines.