Best Reasons to Implement Expense Reporting Solution
Manual processing of expense reports can become a headache for both employees and companies. Around 55% of organizations are presently using a traditional pen and paper-based system to process these reports.
Several issues may arise at every stage of the procedure and tackling them is time-consuming which may delay staff reimbursement and enhance how much amount the business spends on the expense reports.
Processing the expense reports traditionally is not an ideal way, specifically when the business evolves. Problems such as expense claims can be resolved with an automated travel and expense management system. You can witness ROI instantly, and may even see a few perks that were not expected.
Read on to know why expense reporting automation is critical for your business.
1. Monitor Paperwork
In a conventional process, it is simple for your staff to lose the paper receipts accidentally or forget to turn in the reports. With cloud-based expense automation platform, there is no need to track the physical copies. The users can take a photo of their paper receipts with the help of a smart device or email the receipts to the expense software directly.
Misplacing the paper documents is annoying for everybody involved. Hence, having an easy way to monitor details associated to expense reporting is a massive asset. Plus, the tool keeps all these information together so you do not need to worry about the mixing up of receipts from an employee with the other one. And because the solution works in real-time, you can have access to the updated details available.
2. Boost Satisfaction
Manual expense report submission is challenging. In a few scenarios, the procedure becomes so complex that workers miss out submitting the reports and staff satisfaction level suffers. 1 out of 5 employees who lack submitting the reports blame the organization’s claims method for losing money.
Your workers should not feel that they are being cheated by utilizing a claims method that is extremely daunting. Expense automation is an easy way to change the arduous claims procedure instantly into something easy to use. And as the automation accelerates the claims process, staff who work with the solution receive fast reimbursement.
3. Handle Finances
Along with the up-front savings which the automation provides, you may also witness that the solution makes budgeting for expense a lot simpler. The expense application which automatically monitors, processes, and stores the reports provides the business enhanced insight into how you are presently spending. It will enable you for a more accurate budgeting in the long run.
Plus, the solution also aids the business forecast the future audits. IRS states what is and isn’t legal corporate expense, and you will want this documentation to prove that you are complying with the regulations. As T&E automation software enforces business policy and maintain proper records, this makes audits and taxes simple.
4. Policy Enforcement
Fraudulent activities in expense reporting are a common issue in this corporate environment. This can take place if someone makes a mistake in reporting accidentally, or at the time when staff misrepresents the expenses which costs organizations thousands of dollars.
Eliminating expense fraud and business policy enforcement in traditional software takes a lot of time and is expensive. With online expense platform the entire procedure becomes automatic. The solution allows you to customize the system to enforce the business policy and catch several types of fraudulent activities before they become a major problem.
Using Expense Management System for Your Business
Today, companies are automating all activities to save their productive hours and money. Expense management is also in a transitional phase. Several businesses are adopting automated expense reporting tool to expedite and update the procedure of reporting expenses, reimbursement, and approvals.
a. Managers and the finance department can customize the policies along with approval processes according to the business needs. It aids them to record and document critical corporate findings.
b. Each expense report has digital audit trail of every action ever taken on it. This will help them to keep the expenses ready for audits.
c. Managers can have complete visibility into spending patterns by leveraging travel and expense analytics of previous data. It will help them to take prompt decisions.
d. Expense reporting solutions can integrate with accounting and travel solutions. It will help the team to maintain all the information in a centralized location.
Expense management technology can boost the business in multiple aspects. You can go paperless, save employees time, back up critical documents, and much more.