The end of the year is just around the corner, businesses worry about the year-end reporting process. Finance departments will end up checking the stack of receipts for employee expenses. Following the best practices and automating the process will streamline the expense management process and increase visibility.
Start With Good Expense Management
Are you having a hard time accounting your employee expenses? Do you often rifle through a stack of receipts or ask employees for more information? Not to mention, undocumented expenses would result in fraudulent claims.
So, how to resolve the issue? Reviewing your expense process all the way can remove bottlenecks and takes out ambiguities in the process.
The first step is to make sure everyone involved in the process holds responsibility whether they are submitting, approving or processing reimbursements. Ensuring that expense process run smoothly and rules are being followed will not only reduce errors but also minimizes fraud. Creating a culture of accountability in your team is the proactive step you can take to reduce expense fraud.
Moving to an Automated System
You will not find a better time than present to switch to the automated system. The cost of implementing new expense report software would result in time and money savings. With an automated system, you will get the visibility your team needs to track expenses. The finance team can access real-time data required to make financial decisions. With more business conducting out-of-the-office your expense report system should allow users to communicate and submit expense reports through a mobile phone. Allowing employees access expenses while on the go reduces the risk of losing receipts, non-compliance expense submissions increases reimbursement time and minimizes the expense cycle time. Also, this would give finance department the ability to capture expense data anytime, anywhere.
Following best practices alone would not be sufficient, you have to understand how expense process works end-to-end, how to enforce rules strictly and lead employees through the changes. Moving to automated expense report software can seem difficult, but with proper tools in place, you can reap significant benefits over time.