Effective management of accounts payable and business expenses is paramount for any college or university. These institutions waste significant time with manual processes, leading to a lack of visibility into spending data.
The following are a few benefits of having fully automated travel, expense, and invoice processes.
Invoice, travel, and expense management at small institutions is paper-based. With copying, auditing, and requesting staff for paper receipts, it is evident that the paper process is inefficient and error-prone. Besides this, the amount of the workforce is overwhelming. Educational institutions spend around five hours processing each report and two hours processing each invoice using automated systems.
Automation can eliminate all paper; invoice and expense data is entered into the system, and receipts are matched against these transactions. Reports are routed automatically for approvals and reimbursements, making data accessible for budget planning and vendor negotiations.
Reduce Reimbursement times
Automation streamlines reimbursement processes by eliminating the need for keying the data and reducing the need for human intervention in the process. Institutions can reduce reimbursement times from one month to a day after implementing the T & E solution.
Visibility into key data
How much have we spent on T & E? How much we have to pay for this vendor? With automation, these questions can be answered quickly without having to wait for the finance manager. When you have all the data together, it is easy to make decisions. You can eliminate the guesswork in budgeting and planning by reviewing travel, expense, and AP trends.
Change can be difficult, especially for small institutions where time and resources are a constraint. With travel and expense automation, you can experience increased process efficiency and transparency. Introducing easy-to-use expense software that enables institutions to adhere to business rules while eliminating out-of-policy expenses. Also, automation alleviates the need for handling receipts and manual entry.
Travel & expense solution
Having travel and expense solution in place enables businesses to track where users are traveling and spending. You need to have access to travel information, so you can easily track where the employee has traveled and why the expenditure is more. Investing in a T & E solution will give you visibility into critical data to save costs. Also, automation would keep everything in track, making it easy for audit-ready.
Minimize fraud and waste
Misusing T & E processes would result in enormous costs for institutions. No matter whether mistakes are intentional, a lack of efficient operations would make the verification process complicated. Automation gives you access to the data, which can help you make informed decisions related to T & E spending.
It’s time to embrace the power of intelligent automation. Integrate travel and expense and vendor invoice processing eliminates inefficient methods as they take too much time, costs more money, and keep things moving.
With SutiExpense, you can prevent mistakes, fraud, and other errors that come up in processing expense reports. You will get a clear insight into what you are spending, so you can control the cash flow.