Searching through stacks of paper even after automating the process is not an efficient method. To figure out where the invoice process is going wrong in the various stages of the approval cycle, you really have to take an in-depth look. Automating the expense process is not enough; you should also consider automating the invoice process. The following are three compelling reasons why you should be integrating this today:
Automate to Save Time and Money
Our automated expense report software eliminates paper invoices and streamlines the payment process. Your finance department can eliminate filtering through paperwork constantly, which is vital in processing reimbursement requests. Moving away from paper invoices minimizes the risk of error and fraud. Automating every process will make auditing easy, thus making a flawless process for everyone. There is no more need to track every expense and go back to find and fix every error. Businesses that use automation can experience 30% reduction in processing costs.
Get the Best Deals
Paying on time improves the relationship with suppliers you are partnered with. This would not only eliminate late fees, but also enable you to maintain strong relationships. By maintaining good relationship consistently, vendors tend to offer better deals for new services or additional discounts. Organizations that deploy expense software would compile additional savings, which would result in happy vendors.
Better Financial Visibility
Year-end reporting makes the expense reporting process difficult. By automating the expense management process you can open up a wealth of opportunities in terms of visibility and accuracy. Data can be updated in real-time; allowing you to understand what is needed to make informed and strategic decisions. The system allows you to pull reports quickly, reduce man-hours, and ensure accuracy in numbers. Gaining insight into spending makes it easier to figure out errors and instances of fraud, allowing you to sort out any issues before they grow into big problems.
Improving expense reporting and leveraging analytics can help businesses climb rapidly towards success. Automating both expense and AP processes will open up the opportunity for growth and overall financial health.