Comply Every Time – Apply customized guidelines so business expenses reports are right the first time
From the Editor
How many times do you think you and your colleagues have had to deal these errors in business expenses claims? • Incorrect amounts entered by the employee • Original receipts not being submitted or receipts missing altogether • Dinner claims entered without the names of who’s being claimed for • Incorrect dates of travel distorting travel allowance calculations • The wrong expense type being selected for a particular claim • Additional claims or extra charges such as pay-per-view movies being claimed End users might see these errors and omissions as trivial, but multiply 200 times and the effect on accounts teams can be huge. If you have to go back to the end user for every detail, employee reimbursement can grind to a halt. What should be a straightforward way to ensure people are reimbursed expenses, can descend into an endless back and forth between end users, line managers and Accounts Payable. Compliance, or the lack of it, can be a major factor in business expenses claims becoming a never-ending game of Ping-Pong. As well as disengaging staff as they wait for travel reimbursement, key functions including cost control, cash flow, project billing and accurate reporting can be negatively affected. But what if you could make sure business expenses claims complied every time? What if you could deploy business expense software that you could customize to ensure your business’ rules, regulations and requirements are followed every time? How much time, energy and goodwill could be harnessed by moving from manual compliance to compliance by design? We’ve identified four ways a best-in-class expense tracking software can help you to comply every time. 1. Automate all policy elements of your business expense system – The best way to ensure global expenses compliance is to make sure policy aspects of the claim are taken care of before the claim hits the system. Flexible workflows for reminders and validation prompt users to enter the information required by your travel reimbursement policy, or legal travel allowances, at runtime. Specific procedures, expense categories and cost types can also be defined to guide users through the expense management software without triggering compliance issues. 2. Deploy flexible, configurable systems – The rules and regulations governing business expenses claims are constantly changing. Corporate mileage rates, phone reimbursement policies, types of deductible business expenses and much more are subject to revision. Being able to react quickly to new internal corporate travel management policies and updated government travel reimbursement rules is a huge advantage. You can update your system as and when you need to and without the need for costly, external IT support. 3. Intuitive user interfaces to prompt correct expense submissions – Expense management software with intuitive UIs to prompt users to enter the correct information is a huge shortcut to 100% compliance. Answering “what expenses can I claim” questions at runtime combined with configurable ceilings on claims and prompts for digital receipts or supporting documents removes the need for accounts payable teams to support claims. 4. Eradicate errors – Encouraging staff to submit their business expenses as they’re incurred cuts the chances that they’ll make input errors compared with entering a huge number of claims at quarter end. Giving employees expense tracker apps they can use on the move to submit digital receipts makes a huge difference here. Equally, prompting users to submit the required data and supporting documents will dramatically reduce invalid claims. Business expenses management doesn’t have to be a nightmare. The technology exists, much of it in our smartphones, to free finance teams to focus on accounts payable duties and end users and line managers to focus on their own core functions. To find out more about you can ease the pain business expense management causes you, visit our Travel and Expenses site or contact us here.