Originally published by informed360 on their blog here.
Covid-19 has significantly reduced business travel and entertainment requests. So, why is now the perfect time to revisit your Gifts, Travel and Entertainment Disclosure process? The reason is simple…
Change is easier when the amount of activity is lower. You wouldn’t change your accounting system in the midst of a year-end close, would you? Gift, Travel and Entertainment Disclosures are lower than ever.
Change is also needed because (1) more workers are working remotely driving the need for digitization and automation; and (2) there will be an eventual return to normal business travel and entertainment and, hence, a surge in activity. Better to act now and get a process in place that can handle the new working environment and the eventual surge in disclosures.
A more automated process also delivers many other benefits, including:
- Improved Productivity. As we are all being challenged to deliver more, technology can be leveraged to support your team and return up to 10x the productivity.
- Employee Engagement. Eliminate employees’ frustration with an automated solution that demonstrates you value their time and drives increased participation and compliance.
- Faster Turnaround. Review disclosures quickly and efficiently and deliver timely responses to employees with real-time notifications, automated approval thresholds, and streamlined communications.
- Better Data and Analytics. Place consistent real-time data at your fingertips, simplifying reporting and data analysis.
- Optimize Resources. With better data and insight, automated approvals and reduced time to review, resources can be deployed where they add more value.
- Excellent Return on Investment. Automating disclosure processes delivers an excellent ROI with improved productivity, as well as reduced risk and improved compliance rates.
So, use this opportunity to get in place a system that delivers all these benefits and more. As you consider your options, we’ve identified a few best practices for disclosures. Act now to enhance your Gifts, Travel and Entertainment Disclosure process.
Informed360’s Dynamic Disclosures solution allows organizations to complete all Gifts, Travel and Entertainment disclosures among many others in a device friendly and intuitive interface. With a high degree of configurability, organizations can quickly and easily adjust best practice forms and approval processes to meet their specific needs. Seamless integrations with customers’ other systems allow for easy access and significantly reduces the time and effort to complete and review disclosures.