Filling and auditing expense reports is one of the many tasks required to keep a business running smoothly. Tracking receipts and getting every employee filed properly is not as simple as one may think. While managing expense reports is not easy, the increasing trend of automation is making a significant impact. With advances in automation and artificial intelligence, companies have turned to streamlining their accounting processes.
Let us Take a Closer Look at Automation and the Changing Practices:
Expense reporting has always been a headache for most companies, especially for business travelers who have to keep up with countless receipts. Manual reporting is costly, time-consuming, and erroneous. Artificial intelligence allows employees to automatically track and record expense claims. For instance, business travelers could simply take a picture of the receipt from their smartphone and the data is then automatically recorded and filed as a reimbursement claim.
Compliance should be built-into the software, so that auditors don’t need to sift through countless points to flag potential issues. Modern expense reporting software allows users to customize compliance features based on their company policies, while accounting for tax-related issues. Artificial intelligence scans the reports automatically, identifying fraud and other redundant data.
Automated expense reporting software allows companies to save time and money on the mundane tasks. Switching from manual to an automated solution would save around 50% of the time that would be spent on expense report filing. AI (Artificial Intelligence) provides account managers and auditors the opportunity to conduct effective reviews.
The benefits of embracing automation are clear. Expense reporting solutions can take the manual work away from employees, giving them more time to work on productive tasks. Automation gives employees the ability to capture, report, and review expenses without doing allthe mundane tasks associated with the process. Infact, the solution makes it easy for employees to file expenses easily.
Artificial intelligence has the potential to make expense reporting more streamlined and efficient, by allowing accountants and auditors to save time and by reducing human errors. According to a research, organizations spend on average of tens to hundreds of dollars for finding and correcting the manually submitted expense claims. By leveraging artificial intelligence, auditors and accountants will be focused more on the tasks that matter most, instead of simply worrying about tedious, routine tasks.
The adoption of expense reporting software can create greater potential for saving time and money. The sooner you switch to the software, the more efficient your expense reporting process will become.