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Expense Report Audits for Growing Businesses
For small to mid-size businesses, having an entire department, or even a single employee, devoted to travel and expense management might seem unnecessary. When employees are dealing with T&E on top of all their other work, though, it’s easy for expense reports to get pushed onto the back burner.
As organizations grow, scaling office processes is often something you don’t think about until there’s a problem. Suddenly, you have employees in the financial department swamped with work and employees filing expense reports impatiently waiting for payment. What options do you have for taking control of your T&E reports?
Outsourcing Options
Travel & Expense automation software helps you internally handle T&E in a more efficient manner. A good travel and expense SaaS provides your financial department with increased oversight and the tools it needs to quickly and efficiently process requests. It also makes filing expense reports easier on employees.
T&E software is a great option for many companies. But perhaps you don’t want to keep your expense reporting in-house. Maybe your business is small enough that you don’t have employees available to focus on handling expense reports and can’t hire anyone new right now. Or perhaps you want to avoid fraud and risk by having an impartial third-party handle expense reports.
Policy Compliance
The most reliable way to catch or prevent fraud and enforce company T&E policy is with continual oversight. This is nearly impossible on a paper system. Implementing T&E automation software makes auditing expense reports much easier, and outsourcing to a trusted third party can help even more.
To ensure full policy compliance, segregate duties by hiring a third-party to audit expenses. Find an Expense Report Audit Service that follows your policy to the letter and interacts with the expense reports without bias.
Accurate Reimbursement
Ideally, you’ll want to audit every expense report filed with your financial department. This provides the greatest insight into T&E patterns within your company. You can also have us audit a smaller percentage of expense reports based on your criteria. Of course you’ll want to always maintain control over how auditing services scale to your needs, so make sure that the outsourcing service provider is able to sufficiently provide agility and customization to their services.
Another advantage of top-tier outsourcing for expense report audits is a quick turnaround time. Pay your employees in a timely fashion with our reliable expense report processing. This improves employee satisfaction without placing any burden on your company.
If you’re interested in taking charge of your T&E processes, schedule a consultation today and learn how NextProcess’ Business Process Outsourcing can work for your growing business.
