Are you sure your employees are complying with your corporate T&E policy? If you are unsure, this is the right time for you to act seriously as non-compliance with your corporate T&E policy will result in many problems over time. Besides considering expense management software, the following are a few steps you have to take to ensure compliance:
Reviewing travel policy on a regular basis
As a business owner you should understand that travel expenses form a significant portion of what companies spend. Therefore, it is highly important for you to review all the travel policies set in place. You need to look if your T&E policy is up-to-date and covers all the real-time aspects. You should check these rules and ensure everything is in line with industry standards.
Find out if your employees are on the same page
If you are trying to develop travel expense management, then all the employees must be on the same page, which means your employees should understand what is acceptable and what is not. Making all employees comply with T&E policy will ensure business success.
Know the cost of your expense report
Around 80% of company owners are not sure how much an expense report costs. You should know how much you are spending for business expenses to cut additional costs and save the company’s money.
Are you limiting the expense reports you process weekly?
Getting an idea on the number is important. If you are processing around 10 reports a week, then you should consider switching to expense management software. Automated expense software eliminates human errors and lowers the cost of the entire expense reporting process.
By investing in the automated expense management solution, you can eliminate tedious tasks, make the workflow smooth and streamlined, and yield significant cost savings.