With so many business trips occurring, it is imperative for organizations to keep track of every travel expense. This is exactly where expense report automation comes into the picture. Expense report automation will not only simplify the job of travelers but also makes it easy to track every penny being spent. Thanks to the expense report software for making it easy to track employee spending. Here are the top three reasons that illustrate why companies of all sizes have an expense report solution in place:
Making Expense Practices Align with Corporate Travel Policies
A company travel policy outlines rules for everything from booking travel to reimbursement. The policy aim is to make sure that traveling employees and companies remain on the same page.
Travel policy defines what expenses can be reported and what claims will be reimbursed back to the employees. Aligning expense reporting practices with the company travel policy is difficult, and achieving compliance has turned out to be the key challenge for organizations of all sizes. Expense report software can overcome this challenge by creating a single platform where employees can input expenses and employers can track expenditures. This makes it easy for everyone to be in line with organization’s travel and expense policies.
Cutting Down Operating Costs
The cost of travel will be increased significantly when you don’t keep track of everything that is happening. Not automating your expense report processing will cost you more as on average it costs $41.12 to process a single expense report manually. Minimizing these costs has become a top priority for business leaders, and using automated expense report solution can help you with this. Automating expense report processing will drop the cost of processing an expense report to $7.17, resulting in huge savings when considered as a whole.
Streamlining Reimbursement Process
Reimbursement is one of the biggest challenges for employees with corporate travel. Normally, reimbursement takes weeks or months as the process involves reconciling and verifying the submitted expenses. Automated expense report solution streamlines the reimbursement process by making it easy for employees to submit expense reports on schedule. Also, expense mobile app expedites the process by allowing employees to report expenses as they happen. This means there is no scope for missing receipts. Also, this reduces the reporting time and eliminates delays in reimbursement.