TRACE Gifts, Travel & Hospitality Tracking Software
Companies often spend a disproportionate amount of time monitoring the gifts, travel and entertainment, given and received by their employees, and struggle to find an efficient way to manage that information. The Resource Guide to the U.S. Foreign Corrupt Practices Act cautions companies against scrutinizing taxi fares or cups of coffee but emphasizes the importance of having a system in place to control, track, analyze and monitor expenditures on gifts, meals, entertainment and travel. While dollar amounts matter, companies must be able to identify suspicious activity and patterns, such as whether multiple employees have given gifts to a particular recipient.
TRACE provides its member companies with an easily manageable Gifts, Travel & Hospitality Tracking Tool, enabling them to track key information about incoming and outgoing gifts, travel and hospitality given and received by their employees. The tool also allows companies to search the information entered and to identify patterns in the data that may raise a compliance red flag.
The purpose of TRACE Gifts, Travel & Hospitality Tracking Software
To offer TRACE Member Companies a straightforward and efficient way to monitor and track employee expenditures for gifts, meals, and hospitality.
Gifts, Travel & Hospitality Tracking Software at a Glance:
- Embeds compliance reminders for employees who are giving or receiving gifts and hospitality, reminding them of the heightened sensitivity when interacting with government officials and the importance of a legitimate business purpose for the hospitality.
- Allows managers to collect, synthesize and report on key information regarding both incoming and outgoing gifts, hospitalityand travel. Reports can be exported to Excel or saved in the tracking software for easy record-keeping.
- Reveals trends in enterprise-wide corporate hospitality practices with enhanced search functionality, enabling managers to analyze the data by country, customer, amount and type of gift and other criteria
- Allows each company to tailor the site to its needs by customizing gift types, approval processes and other features.
Streamlines the approval process by allowing managers to approve or deny pending gift and hospitality expenses.
Categorizes data by customizable tags denoting the company’s relationship to a recipient of tracked gifts and hospitality.
- Provides a high level of data security via a tenant based-architecture and other industry standard security.
- Encourages transparency and reinforces corporate policies and procedures as they relate to hospitality.
- Available to TRACE Corporate Members for no additional cost.
How it Works:
1. Company employees enter their own gifts and hospitality records (both received and given).
2. Company users with administrative access manage and search all employee gift records and run reports based on that data.
Contact firstname.lastname@example.org today to set up a training session and a demo site for your company.
To learn more about this convenient and easy-to-use software solution, watch this seven-minute recorded tutorial click here.