No one likes doing expense reports. They’re time-consuming, cumbersome and usually require searching through wallets and desk drawers to find lost receipts. They’re also necessary if you want to have any semblance of control over your company’s spend. Not only do they keep your employees accountable for their expenditures and compliance with corporate policy, they also help your company maintain its own compliance with both the tax code and Sarbanes-Oxley reporting requirements.
Expense reporting doesn’t have to be a painful process. Software can do all of the work of moving reports through an automated workflow and integrating with your accounting systems to correctly log reported expenses. High-end solutions can also communicate with credit card issuers and business travel providers like Travelocity Business to capture expense data. The controls built in to automated expense solutions help keep departments in compliance with their established budgets.
Expense management software can also keep your team compliant with your policies. By automatically capturing expense data from travel providers and credit card issuers, it’s easier for employees to submit accurate reports. The software assists them in properly coding expenses so that they are reported in an appropriate format.
Accurate, complete expense reporting keeps companies compliant with government regulations as well. Travel and entertainment expenses are major audit targets for the IRS; maintaining electronic records will help keep your company out of trouble. The ability to generate detailed reports of employee and company expenses will also help you comply with the onerous Sarbanes-Oxley reporting requirements.
Expense management software does more than save a great deal of time for your employees and accounts payable staff. It also keeps your company in compliance with the tax code and Sarbanes-Oxley, which can save you real money on accountants and legal counsel. If you’re ever found in violation of regulations, it’s smarter to be backed up by on-demand electronic records.