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What is global expense reporting?

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Global expense reporting manages employee travel and expenses, increases the transparency of expense reporting, and also sources travel and accommodation on a client's behalf, according to IBM. Similar global expense solutions offered by Crown World Mobility include an increased amount of transparency of client and employee expenses, processing expense report reviews and account audits, calculating gross and lump sums, payment tracking, disbursements and some accounts payable transactions, explains Crown.

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Global expense reporting solutions also allow business owners and management to keep track of employee expenses regardless of their global location, language barriers, currency disparities and time zone differences, explains Radius Global Growth Experts. These solutions work for those with existing global markets and for business newly expanding into a global field. They manage expenses from abroad and reconcile expenses across departments.

These solutions typically involve a software management program from a third-party supplier, according to Radius, IBM and Crown. For example, Radius uses a cloud-based software that's accessible from any location. This software digitally links line items and receipts, eliminating spreadsheets and paperwork. It also includes automatic notifications of upcoming deadlines, a mobile application that allows employees to submit expense reports and integrates with other accounts with Radius. These accounts include global payroll, accounting and human resources software.

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