Many organizations struggle to balance between cutting costs and growing their business. Most often companies overlook daily activities when thinking about cost savings. The cost of manual processes will end up costing more to companies. That is why automating low-value tasks is important. Expense management is one such task that needs to be automated enterprise-wide.
Whether you are a manager or a traveler or accountant, having a manual and inefficient expense management process can be frustrating. This article demonstrates why manual expense management is a money drain for companies and how expense report software can help save money.
How Much Money Company is Losing?
Manually filing expense reports, gathering a stack of receipts, and reconciling expenses with credit card statements all makes expense reporting a tedious task. Finance teams also lack visibility into actual spending making companies vulnerable to compliance breaches. Manual expense reporting will make companies miss tremendous savings opportunities. Also, the expense reimbursement remains a big challenge for companies due to paper-based procedures. Some companies have random checks and audits in place to prevent any fraud that happens in reimbursement process, but human control fails in duplicate and compliance checks.
So, companies need more reliable and holistic solution to manage their business expense reporting effectively.
Automated & Mobile-Based Expense Solution
Missing documents and incorrect data is still a challenge for companies. Automated and cloud-based expense report solution would help companies put new processes in place, allowing for real-time reporting and management. In addition, the cloud-based platform will enable remote and mobile management of expenses in real time. By automating processes, businesses can decrease human errors, reduce lost receipts, automate compliance checks and minimize fraud.
Automated solutions with mobile applications will make expense reporting simple. Employees have to just scan their receipts using a mobile device and the solution pulls data using Optical Character Recognition (OCR) technology. Receipts will be available in the repository and can be reviewed by managers and finance teams in real-time. Expense claims can be approved or rejected as soon as they are submitted by employees using the web or mobile application.
Transparency is very important in expense reporting for both management and finance teams. Not only you can gain control and figure out fraudulent activities, automated expense report solutions can help you recognize patterns, provide insights and visibility into company spending. Advanced analytics will help companies take necessary actions at the right time while allowing you to make informed decisions.
Learn more about SutiExpense Expense management? Request a free demo today.