Expense reporting solutions have made large advances in recent years. If you haven’t reviewed your expense reporting process lately, you may be short-changing your employees, accounting team, and operational budgets!
There are six key indicators that your expense reporting process is underperforming. The fourth is:
INDICATOR #4: You Don’t Really Know How Well Your Travel Policies Are Working
For many administrators of expense reporting systems, policy evaluation is more art than science. When you ask how effective their policies are, you may hear “We don’t get a lot of complaints,” or maybe even, “Our spend is in-line with last year.”
What you don’t get are answers that reflect any specific objective analysis. The reason is not that their expense reporting system doesn’t produce good reports. All systems now have some way of data reporting. It’s that they don’t produce the right kind of reports. Moreover, they don’t allow someone who doesn’t have an advanced degree in computer science to identify and explore potential problem areas.
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Rules need to be refined based on on-going experience. If you can’t quantify that experience then you really don’t have much to go on. It’s a fair bet that if your policy enforcement rules date back to when you first rolled-out your expense reporting system, it hasn’t been measured accurately since.
What is needed is a feedback loop on your policies. Your expense system’s reporting should provide you with that capability and more!
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.