Expense reporting is required if you intend to reimburse employees who spend on behalf of the company. However, the process of creating, approving, reimbursing and managing the expense reporting process can be time consuming for all involved.
Expense Reporting is the process by which employees record and submit spending they are doing on behalf of the company either using a corporate credit card or their own cash. Expense reports helps companies determine how much and on what money is being spent.
Manually creating and processing expense reports can be quite expensive to the company in a number of ways. Compiling expenses into a spread sheet and stapling receipts can be quite time consuming for staff. It is prone to error which is much more difficult to find in a paper-based system. It is also much harder to catch fraudulent expense submissions.
If you are searching for ways to better manage your company's expenses, ensuring that business funds are being appropriated in accordance with established policies is high on the list of priorities.
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