Evidently, employee-initiated expenses turned out as the second largest controllable cost after payroll in many enterprises. Managing those costs actively but wisely is very important as the risks associated with failing to do so would result in economic turn-down. Getting maximum value for the money you spend is the key to business success.
Corporate travel involves hundreds of vendors and thousands of transactions. It’s not just about finding the lowest price, but getting the best value overall. This demands a comprehensive approach that manages the entire expense management process – right from reporting to payment procedures. Addressing such crucial aspects could easily distract managers from their strategic responsibilities. An automated expense report solution can help businesses control costs while alleviating the turbulence’s associated with reporting and approval procedures. Here’s how expense report software adds value to your business:
Automated Expense Reporting
Today’s expense software does more than streamlining the expense process -it connects to your travel system wherein you can directly book trips and import transactions to your expense report. Also, the system connects to your corporate financial management systems so that it becomes easy for you to prevent fraud and adhere to compliance as per regulatory requirements.
Companies should realize that establishing policies without proper implementation is of no use. Adapting automated expense software can help enforce the policy by pre-defining business rules at the company level. Automated systems can flag suspicious & duplicate expense line items and prevents users from submitting out-of-policy expenses. This way you can ensure your employees submit only legitimate expenses.
By clearly communicating corporate expense policies, firstly you can avoid unnecessary trips and costs, resulting in more expense control. Top companies need to work with international clients and other partners, which demand the ability to deal with multiple currencies, taxes, and regulations. Deploying expense software with these capabilities does everything for you, all you have to do is to just submit expense reports and then relax.
In addition to the aforementioned aspects, there are many intangible benefits automated expense solutions can bring to businesses. Therefore, automating expense procedures is the best thing you can do to reap significant benefits overtime.