Author : Gabrielle Glassop.
Published : Sun, Sep 16 2018 :3 PM.
Format : jpg/jpeg.
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Getting all your expenses on a credit or debit card is an important first step in tracking and efficiently managing all your business expenses in preparation for the next tax season. However, an accounting software will take this expense control to the next level.
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Paper expense report forms can be illegible, easily lost, and prone to errors. Making expense report forms electronic, and allowing JPEG photos of receipts or electronic receipts can address these issues effectively. If an employee can’t get an electronic receipt, he can snap a photo of a receipt with his phone and use that with the electronic expense report. This way, you avoid lost or coffee-stained forms, illegible handwriting, and smudged ink on receipts.
Want to think about your business expenses in a positive way? Consider this: while the total amounts may not always be predictable, the frequency at which they occur is—which is ideal for tracking purposes. Wherever possible, schedule your regular expenses (like employee insurance, rent, software costs) to process on the same day of every month.
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Whether or not your expense reporting is audited by outside agencies, most companies want to evaluate their expense reporting process periodically. When the process is paper-free, online, and mobile, audit trails can be assembled automatically as steps are completed, and there is always a record of who approved what. If questions arise, it’s much easier to re-check an electronic expense report than it would be to dig through a file cabinet and hope that all the receipts managed to stay attached.
Waiting to arrive back at the office with a pile of receipts to fill out an expense report form is inefficient. But if you make your electronic expense reporting workflow mobile, you add an extra layer of convenience for your traveling employees. When an employee can use her tablet to work on an expense report during a layover, and then finish it on the train to work the next morning, she can be confident reimbursement will be quick and can deal with more important things once back in the office.