With the year coming to a close, it's important to focus on the things that really matter; spending time with loved ones, celebrating holidays and eating a lot of treats. So expense reports should be the last thing on your mind, right? Well unfortunately, with the end of the year comes the time to reconcile reports and reimbursements. But luckily, before we say goodbye to 2016 and hello to the new year, there are a few best practices to help you stay on top of the expense reporting process so you can get back to the important things, like the treats. Consider some of the most important steps for staying ahead of expense reporting in the new year:
1. Balance accounts frequently to ensure all records match, making it easy to catch any errors as quickly as possible. This best practice, of continually balancing accounts can prevent mistakes from being made and can even save your company money. With this guaranteed oversight, companies can not only catch errors before they happen, but also track expense trends as well as allot T&E budgets to save money. Want to know how else frequent oversight of accounts helps to benefit a company? Head on over to Certify's Bring Visibility into Company Spending with T&E Reporting
2. Back up files. A paper trail is as effective as, well, a paper trail. And if you're in charge of approving expenses you can sympathize with the burden of employees losing receipts. So to remedy this problem, be sure to back up all files to an external source. This way, you can ensure everything is well documented and easy to find. By using Certify's automated expense management system, every month your Accounting team will receive a notification that an archive report is ready for downloading onto your corporate network. This allows access to formatted copies of all expense reports processed in the month, as well as all accompanying receipt image files.
3. Ensure company policy is well documented and easily accessible for employees. When there is no question of what's in policy and what isn't, there shouldn't be any issue of employees expensing inappropriate charges. In the process of setting up a company policy? Check out the Fool-proof Steps to Enacting a Company-wide T&E Policy
4. Ensure all records and data are impeccable. When all charges and expense data is entered in real-time, fewer errors are likely to occur. It'll be really hard to jog your memory on an expense from Starbucks from 5 months ago if you haven't properly documented for it. Be sure that when you do enter an expense, all data is complete and accurate. The easiest way to do this? Implement an automated system like Certify. Certify's expense management platform automatically flags any incomplete fields or violations of policy, so you can be sure you aren't missing a beat.
5. Automate the process. Automation helps to streamline workflow for employees and managers, and it also simplifies back-end processes for accountants and administrators. And with companies processing hundreds if not thousands of expense reports in a year, it's important that they stay ahead of the game. As the new year approaches, be sure that you and your company hold automation in your arsenal of expense management tools.
So before we officially greet the new year, be sure that your team is armed with the best practices for staying ahead of the expense reporting process for 2017. Ready to learn more about Certify Expense
? Current Certify customers with questions can talk with their account manager anytime for a demo. Not yet a Certify customer? Sign up
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