Many organizations think of business expense management as a tactical necessity rather than a strategic opportunity. Employees see expense reporting as a boring and time consuming task. However, new innovations in expense management solutions are changing these perceptions. Cloud-based technologies make it possible to not only re-think expense management processes, but also to leverage them to gain high visibility, control, and savings.
Today, business travelers are always on the move and expenses are quite literally all over the place. With offices, clients, and vendors spread across the globe, many organizations have a large percentage of employees travelling at any given time. Gathering receipts, preparing expense reports and submitting them can be a tedious task. Cloud and mobile solutions let them stay on the top of expense reporting wherever they go. The system automatically categorizes each expense line, makes expense reporting quick and simple. It enables employees to review, make any changes, and submit all necessary reports from their mobile devices. The solution minimizes employees’ workload and significantly reduces the time taken to submit expense reports.
Traditional expense management processes are inefficient due to the gap between employee behavior and business guidelines. The new innovations shorten the feedback loop and improve employee spend behavior. The system immediately displays feedback on illegal spends whenever an employee enters a line item. Real-time guidelines help a lot for employees and leads to more efficient spending across the business. The solution provides approvers/managers all the data they need – including alerts to suspicious items right on their mobile devices.
By using online expense report software organizations can improve their company-wide spending habits and corporate control, and ultimately minimize operational costs.