Incorrect data is one of the major issues in expense management. With a manual spend reporting process, several rounds of amendments by the employee are often required before their expense claim can be processed in a compliant fashion. If incorrect information is captured, businesses have to face a compliance issue at the back-end of the process.
Using a cloud-based system, employees can access their account across various devices from wherever they are. With an automated solution that accepts digital receipts, employees no longer have to deal with jumbles of paper – they can simply take a photo and upload, or email receipts to their account, and can allocate them to claims later on. Digital receipts related to employee expenses help businesses when it comes to auditing.
The mobile application enables employees to submit their expense claims and get approvals on the go. Using the built-in OCR (optical character recognition) feature, employees use their phones to take photos of receipts, which can be loaded into their expense report with a click of a button. Integrated tax rules can provide an extra layer of compliance assurance.
In most organizations, employees are not aware of their expense policy which provides the guidelines on what they can claim. Having the policy built into the expense system ensures that the employees have those guidelines at their fingertips and can comply within the defined parameters.
When any policy breaches occur, alerts are sent both to employees and approvers at the time of spending, ensuring no out-of-policy expenses are submitted.
By using a structured approach and implementing verified strategies for regulatory compliance, businesses can begin to realize the operational benefits of an online expense solution.
Organized expense reports in the cloud save both time and money, as the integration between receipts and reports eliminates manual data entry errors and enables administrators to assign controls. This drives both productivity and benefits for businesses.
With regular revisions in corporate expense policy, organizations need the flexibility; best-in-class expense management systems help you keep your policy up-to-date. The ability to keep up with the evolving internal policy and updated travel reimbursement rules gives you a major advantage.
Using a solution that is highly scalable and flexible, in which you can configure and reconfigure spend management workflows in a timely fashion without costly extra IT support helps you to gain control over your spending.
Manual expense management is laborious and time-consuming. An automated system streamlines the entire expense reporting process and allows staff to focus on more value-added business tasks.
With an online solution, organizations can achieve better financial visibility into spending, make better decisions, and enjoy superior compliance throughout the entire process.