Whether your business is a startup or a growing company of thousands, having T&E policies in place is critical to ensure that your employees understand the company’s expectations for maintaining compliance.
This is especially true when your operations involve travel all year around. Travel expenditure is one of those categories that take up a big chunk of your company budget and is only expected to rise in 2016.
Here are some of the areas where the benefits of maintaining policies via an automated T&E expense reporting system can be huge:
- Business expenses will be kept in check. By delineating acceptable expense categories covered for reimbursement and creating spending limits, companies are getting better control of their employee’s T&E spending. Companies are also creating a way to ensure that all expenses covered are valid for the job and business operations.
- Organize and speed up reporting processes. Companies can set expense reporting schedules and guidelines that will help employees create and submit their expense reports on time. Consequently, processing and approval will also be much faster as tasks and systems are already officially put in place.
- Organize recordkeeping. Once travel expense policies are established, record-keeping will also be clear and streamlined for managers and accounting personnel. This is because you are defining a clear system that is simple, efficient and effective.
- Fight fraud. By having guidelines and utilizing an automated system like Gorilla Expense for reporting, processing, approval, and reimbursements of expenses, companies are discouraging and preventing potential fraud. A solution that deters fraud can save the company hundreds; if not thousands of dollars in annual T&E spend.
- Ensure compliance. Every company has specific and unique T&E policies. Add to that requirements from the IRS and an automated system that registers and enforces these policies and rules becomes paramount to ensure compliance in every step of the way.
- Prepare and handle one-off situations. Having policies also helps companies handle isolated scenarios and one-off situations while making sure there are no major liabilities.
- If employees are not aware of the processes and rules within your company, they cannot follow it. By having clear T&E policies, companies can ensure that all employees are educated on them and follow them, for their benefit as well as the benefit of the company.
- Easily integrate and adapt to new systems. With a sound and flexible travel expense policy in place, companies can take the hassle and guesswork out. Gorilla Expense can easily adapt to your existing policies and configure the solution to meet all scenarios, even unique ones so that you can maintain a solid compliance rate.
With a smart and sound travel expense reporting policy, you can enjoy a number of benefits that will improve your expense management processes and in many cases, put money back into the company’s pockets. Please contact sales@gorillaexpense.com to learn more and discuss how we can help by sharing best practices when it comes to T&E policies that have worked for our other clients.
About Gorilla Expense
Gorilla Expense is a leading global provider of T&E Expense Management Software for Microsoft Dynamics ERP. Our Expense Reporting, Mobile Apps, Integration Services & Analytics solutions give customers the edge they need to compete in the global marketplace. With our powerful solution, we are constantly proving that – Expense management doesn’t have to be so difficult! Learn more at www.gorillaexpense.com
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