With increasing expenditure, organizations should look for effective ways to manage expense reporting process to reap benefits. Unfortunately, many businesses continue to face challenges in their Travel and Entertainment (T & E) procedures. Challenges include data entry, inefficient processes, lack of visibility and T & E policy compliance ranking as the highest.
Inefficient travel and expense management results in:
Increase in T & E expenses
Inability to implement corporate policies
Not having visibility into spending
Higher processing costs
Lengthy reimbursement cycle times
Deploying manual expense management process increases the chance of losing documents and it takes a longer period of time to get reimbursed. Quick expense reimbursement process helps in achieving employee satisfaction. Also, the processing cost is much more when compared with manual procedures for expense management. More companies either don’t track the costs involved or don’t know how much they are spending on processing their expense reports.
Visibility is the Key to Improvement
Having visibility into the expense data can help fix all T & E glitches. But, most firms don’t just measure costs. Drilling down to the granular details will help you determine where your employees are spending more time and why it is costing you more.
Automation is the Answer
Manual expense processing is the reason for increasing T & E costs. Automating the procedures will not only ease the job of employees and approvers but can also reduce the cost of processing expense reports. In addition, new channels such as mobile booking and integrated travel solution will change the travel scheme. Using automated travel and expense solution will make travel booking and expense management hassle-free while ensuring compliance is met. Integrated solutions allow for faster and accurate business reporting and improve productivity and control over business processes.
With automated expense report software, organizations can achieve greater value by replacing manual T & E processes with automation. This empowers finance leader and cause employees to make smart decisions, meaning businesses can take the right actions at the right time.
Get a product demonstration today and find out how SutiExpense can help you.