Businesses often have long lists of approved items and services that are allowed to be covered by companies' funds for employees. These can include meals, transportation costs, hotels and a variety of other elements. However, there are sometimes expenses that cause managers to raise their eyebrows. While the purchases of these items may be questionable, they can often be necessary, meaning that companies will need to reimburse staff members. Using expense tracking technology
will give firms greater control over all expenses, whether they are traditional or strange. Companies can ensure they follow all regulations pertaining to business expense compliance
with the technology platforms, even when dealing with expenses that might be deemed odd.Strangest expenses of 2012
Each year brings it's share of craziness for businesses, and expenses are no exception. Bloomberg Businessweek recently highlighted
some of the oddest items that were expensed to companies in 2012, citing research from an expense management firm. One item that an employee requested reimbursement for was a baby giraffe, as the animal was brought to an office party. Laser tattoo removal was another service that was expensed, as one staff member felt that his or her body artwork would not impress clients and wanted to have it removed.
One worker attempted to expense a trip for a job interview with another company, the source notes, while another business saw an expense appear in its system for a bottle of Henry IV Cognac worth $1,300. The news source did not state whether all of these out-of-the-ordinary expenses were actually approved.Dealing with flood of expenses becomes easier with tracking software
The end of each year brings with it a flood of expense filing, and this is a time when managers could see some the strangest expenses of the past 12 months. While getting all of these items filed and accounted for may seem overwhelming, businesses can facilitate their tracking processes with expense reporting technology
. Reuters states
that December 19 was the busiest day for companies in terms of expense management, as employees rushed to enter their items into their firms' systems so they could be reimbursed in time.
This last-minute rush can result in the daunting task of reviewing and approving all of the submitted expenses before the end of the reimbursement period. Failing to process these expenses can have negative impacts on businesses, as the source notes that every dollar not expensed results in an increase of $1.35 in taxes for companies. To avoid these types of situations, firms can integrate software solutions into their operations, making expense management easier and more accurate.