There are times when things won’t really work well. This is especially true in case of travel and expense because companies don’t really get what they expect. A travel and expense program can make things work the way you want by streamlining reporting, and ensuring policy compliance. The following are a few signs that tell it is the right time for you to go with an expense solution.
Tallying Spreadsheets Has Become a Burden
If your AP department is getting stuck with paper work, then it’s time to implement automated solution. It is not just about implementing a system that makes people follow the policy, handle expense reports, improve visibility and gain controls. It also lets you know how much the company has spent on T & E.
Reimbursement is Taking Months
Generally, in small companies it is very common that employees spend on their personal credit cards to get things done quickly. But this would make it difficult for companies to know the exact amount that employees have spent out of their pockets. Due to this reason, companies take a lot of time to process reimbursement requests.
Expense Reporting Delays Cause Cash Flows
The inefficient expense reporting process makes it difficult for employees to submit their expense reports. These delays will certainly make companies loose thousands of dollars and that is a sign your processes are cumbersome. This makes it difficult to manage cash flows.
Issues With T & E Spending
If companies are facing continuous issues with the travel and expense compliance, then it is a good sign for you to enforce travel and expense policy in place. Clear policies and automated travel and entertainment expense policies make it easy to flag inconsistencies that cost more for your business.