Travel Market Report recently covered a story on how many firms are slow to automate their business travel expense reports. Firms that are slower to adopt should consider that automating expense reports also enables automated monitoring and analysis of expenses to determine traveler compliance with corporate and regulatory policies.
Manual/MS Excel expense reporting systems can only be audited and analyzed manually, making it difficult to determine compliance with important regulatory requirements for globally active organizations such as anti-bribery and corruption regulations such as the US Foreign Corrupt Practices Act (FCPA) and UK Bribery Act. For pharmaceutical, life sciences, and medical device companies, manual systems make it difficult to report on aggregate spending with healthcare professionals as required by the US Sunshine Act.
For all companies, these manual approaches to expense reporting make it difficult to identify waste and abuse by travelers or even to analyze policies to determine which ones should change or be scrapped altogether.