Tracking corporate travel expenses is essential but managing the process effectively is time-consuming for any organization. Reviewing, validating, and approving expense reports can get delayed due to missed receipts and violation of corporate policies. With most organizations relying on spreadsheets for managing expenses, the manual process leads to complex validation and reporting. Automation makes expense management process easy by streamlining each phase of the reimbursement process. The following are four important things to make expense reporting process painless:
Normally, employees struggle to file expenses in a timely manner. Both the employee and approver need to cross-refer corporate policies as well as additional information and receipts. Around 40% of employees fail to submit expense reports on time and delays in submission will make it difficult to track reports. Automation makes the process easy for your employees to upload receipts, expense reports, and invoices on the go. Also, it makes it easy for employees by constantly sending alerts for policy deviations, unauthorized receipts, and any other requirements fulfilled while submitting expense claims. Automated expense system makes the expense reporting process simple, and easy. Simultaneously, approvers also receive alerts for out-of-policy expense claims.
Corporate Card Transaction Validation
It is important to ensure that employees understand corporate expense policies including timelines and spend thresholds. It is important that the policy is acceptable and ready to be submitted to the accounts payable. Validating every expense report is a tedious task. Corporate policy compliance can be increased by incorporating business rules into the system allowing the system to automatically flag the impermissible expense claims.
Participatory Review Process
The effective approval process can streamline the expense process and motivate employees to comply with corporate travel and expense policy. Multiple approvals are required in any organization and it is important that all reports are processed within the deadline. With online expense report software in place, you can customize the routing process and organization hierarchy. And, the automated alert system will help successfully detect suspicious and fraudulent claims.
Use data analytics to identify anomalies in the complete process. Real-time reports and trends help in identifying expenses incurred by each employee, vendor, and department. Any unusual trend can be spotted immediately and policy changes can be enforced instantly. Approvers can review expense policies and incorporate new rules.
With automated expense solutions like SutiExpense, your employees can track expenses in real-time and bottlenecks reducing process. The profitability of your business can be assured through effective travel and expense management.