Today, organizations look for speed and agility besides having scalable and cost-effective solutions. Modern financial leaders should adopt a cloud strategy that drives productivity and innovation with data centralization. More than just digitizing business processes, companies should rethink processes, and business models to align with a mobile-friendly cloud-based model. By having a structured approach and proven strategies, organizations can start realizing the benefits of SaaS model.
Process automation and compliance are critical to the ongoing process of expense management. According to the Aberdeen research, around 57 percent of companies have poor visibility into expense reports and compliance. Having expense reports in the cloud saves both time and money as the connection between receipt and report eliminates data entry errors and allows administrators to gain more control while driving productivity.
Expense automation can reduce the cost of every transaction and the approval cycle times will be reduced by half. Online expense report solutions empower companies to automate business procedures, enforce policy compliance, minimize administrative costs and cut down the risk of errors and intentional fraud.The mobile application allows employees to quickly create, edit and submit expense reports without having to wait until they return.
Another key advantage of cloud-based expense report solution is visibility. Besides decreased processing times, and improved compliance, SaaS-based expense report solutions give users the visibility they need to understand cashflow and make informed decisions. The improved visibility and data analytics can help managers better enforce policies and control out-of-policy spending behavior.
Having automated expense report solution in the cloud allows companies to save significant costs, time and efficiency when compared to the traditional methods of processing expense report claims. Online expense report software will help run business functions efficiently as every action you take can be tracked and recorded in the system. This would further streamline the processes and ensure transparency in the entire process.
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