Expense reporting headaches can be solved in a number of ways. Some approaches may need some investment but can save company’s time and money in the long run. Here are a few ways how businesses can handle expense reporting challenges.
Using Travel and Expense Software
To deal with poor visibility into spending and handling missing information, travel managers can take the help of technology to streamline the processes. Travel and expense management solutions allow travelers to book travel through the systems allowing managers to receive detailed information about employee spending. Approval routing, policy enforcement, mileage tracking, per diem allowances, capturing receipts with the mobile app, and accessing analytics all at once can help take the hassle out of travel managers.
Take a Holistic Approach
Evaluating all steps in the expense reporting process and rethinking the process can help alleviate pain points. Since the cost of processing expense reports are high, travel managers have to focus on reducing costs. Itemizing expenses will give you a full view of what expenses your employees are making. This makes travelers be more conscious of their spending and allows travel managers to know about the travelers spending habits. Ensuring visibility into these aspects will increase compliance and allow employees to use company’s preferred travel booking system when booking.
Detailed Travel and Expense Policies
Travel managers should have clear policies in place to know what documentation is required and why. Transparency in travel policies can help travelers understand the requirements. Making travelers understand how these policies will help them reduce costs can be the best practice. Allowing staff to capture receipts from the mobile phone and letting them know what is allowed and what is not can help reduce time spent on expense reporting. Defining specific policies at the department and employee level can help employees make informed decisions.