With evolving technology, it is now more difficult to find more productive and streamline avenues for your business. Business processes should be refined regularly for a productive company. Of all business procedures, the one that is falling behind is expense reporting. Spreadsheets, paper receipts, and manual reconciliations are the most common methods used for managing expenses. However, automated expense report solutions are enabling businesses to regain the time and money lost due to antiquated expense systems.
So, here’s a quick checklist that helps businesses understand why it’s the right time to get started with expense report solutions. Whilst there is no hard or set rule for businesses, it is worth keeping these points in mind when switching to automated systems.
Are you unable to manage your business expenses?
As your business grows, you need to have an expense reporting system that best fit your business. Handling more expense claims will put additional stress on your finance staff. Make sure the added benefit of a growing business doesnot outweigh the administrative burden. Deploying an expense report software can help manage your expense reporting process efficiently so that you do not need to worry about increasing expense claims.
Is reimbursement taking too long?
If your reimbursement process is taking days, reviewing your system is a must. This is happening due the process of gathering and submitting information and then verifying each expense claim manually. If your employees are undergoing some laborious procedures, you have to re-evaluate the system. A longer timeframe for reimbursements mean that employees get ticked off. Reconciling expenses manually will result in errors going unspotted and spending time on unnecessary tasks. The employee reimbursement process should be swift and efficient to ensure a high-quality expense reporting process.
Are your employees and you not on the same line?
Employees who travel for work attend meetings and dine out with clients, they do not want to work with paper receipts. In this mobile-driven society, you should consider going mobile as everything can be done at the tip of your fingers. Embracing mobile technology can streamline the expense reporting process and you do not need to worry about lost receipts. Expense reports can be created anywhere, which means finance teams are not required to wait for long periods to process expense claims.
Making a move to cloud-based expense system can be daunting but it is important to keep your business run efficiently.