Expense Reporting Policy

Expense Reporting Policy Requires Compliance

With ExpenseVisor, each business expense report can incorporate its own set of expense reporting policy compliance statements. You can also incorporate company guidelines and your complete travel and entertainment expense reporting handbook online and have it available online for each employee.

Understanding Sarbanes-Oxley Act

Sarbanes-Oxley (SOX) is part of current business reality for U.S. public corporations. Compliance is essential to maintaining shareholder confidence and avoiding penalties. In the U.S. SOX is the most important corporate governance and disclosure legislation in over 70 years.

Section 404 of the Sarbanes-Oxley Act mandates company management must demonstrate that adequate internal controls exist to ensure compliance in the accuracy of all financial reporting.

How Does ExpenseVisor Help With Expense Policy Compliance?

ExpenseVisor helps regulatory expense reporting policy requirements and reduces your risk of fraud by detecting many erroneous expense entries.

ExpenseVisor does not allow exact duplicate expense reports and exact duplicate expense items are rejected even if entered on different reports.

When ExpenseVisor "sniffs out" similar expense items, users are alerted. If they believe the item is legitimate and submit it for payment, the system will alert your accounting department of the duplication for their review.

How Does ExpenseVisor Limit Risk, Improve Accountability?

ExpenseVisor provides you with the following expense reporting policy benefits and controls:

ExpenseVisor Function Your Benefit
1  Expense allocations based on defaults or option.  * Expense charged correctly to G/L and business unit.
2  Expense types selected from pre-defined list.  * Restricts users from selecting incorrect expense types.
3  Automated audit trail of every expense report.  * Provides complete history of every expense.
4  Expense controlled by spend limits and rules.  * Flags spend violations.
5  Automatically prompts and requires expense detail.  * Reduces duplicated or mis-allocated expense.
6  Pre-allocation of corporate credit card expenses.  * Capture expense simply and correctly.
7  Requires/allows comments for each expense item.  * Documents any exceptions to travel policy.
8  Automatically checks for duplicated expenses.  * Prevents reimbursement for duplicated expenses.
9  Receipt rules can be set per expense type.  * Requires users to certify and include receipts.
10  Allows for authorized proxy submitters and approvers.  * Audit trail records all proxy transactions.
11  All corporate policies are highlighted at entry.  * Ensures users are aware of potential policy violations.
12  Automated email to approvers and originators.  * Reduces processing time and workflow.
13  Aging parameters alert approvers to timely approvals.  * Eliminates slow approval and processing.
14  Optional pre-authorized trip or expense approval.  * Assures expenses are pre-approved before they occur.
15  Expense reports flagged if rules violated.  * Approvers act on rules violations.
16  Flexible approval path allows for correct approval routing.  * Approval paths meet your corporate criteria.
17  Expense policies are configurable and easily customized.  * System customizes to your spend policies.
18  Seamless integration into 3rd party software.  * Eliminates duplicated work and reduces error.

Let the experts at ExpenseVisor assist you with automated expense report management and rest assured you have the best in regulatory compliance software.

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