Expense reports and receipts help your company to assess if they are correctly using the business’s finances. Specifically, when you have many workers making corporate expenses, it turns more critical.
If your organization is still following old business methods for expense reporting, it will become daunting to manage. This whole ordeal can take up a significant amount of your finance department and employee’s time.
Difficulties Faced with Traditional Expense Reporting
- Your staff can be put off managing business expenses on time because of the arduous method. They might feel annoyed while making business travel. It leads to decreased productivity of the employees.
- The finance department may slack off the verification of corporate expenses due to time limitations. It can lead to fraudulent activities and claiming false payment and severely impact the bottom line in the future.
- When the procedure has several bottlenecks, it can delay reimbursements, thus minimizing staff morale.
- Your finance team must ensure that every expense adheres to the business policies. It indicates they need to go through the expense reports to validate for discrepancies.
When your business faces these above challenges, then it is time to switch to a new approach. Let us discuss how reporting expenses can be simplified with the mobile-based receipt data extraction. Plus, the advantages to better understand how it is an excellent fit with the company.
Modern Standard in Mobile-based Receipt Data Extraction
We all are aware of how time-consuming expense submission can get. It includes a lot of manual activities that workers fear. In spite of it all, there is no way out from expense reporting. So, the developers have come up with solutions to attend the problem.
- OCR technology wipes off the activities of manual data entry and prevents human mistakes.
- The finance department can extract essential data from physical receipts, thus eradicating manual data entry.
- Plus, it enhances the effectiveness and accuracy of expense reporting.
- Advanced technology, such as optical character recognition, gets integrated into mobile tools like receipt scanners. Such tools improve expense reporting tasks.
- With OCR, workers are offered the flexibility to report expenses in a few clicks.
Leveraging Mobile Camera as Receipt Scanner
One of the significant challenges in reporting expenses is managing receipts. Gathering and printing receipts take up a massive portion of your staff time. Plus, they need to enter information per expense in the reports. By entering data manually into reports, inconsistencies and errors happen that lead to inaccuracy.
Receipt scanners utilize mobile cameras. Users can leverage the application to click a photo of the receipt directly.
Expense Reporting Anytime and Anywhere
For a business that does not utilize a mobile scanner, workers don’t get the flexibility of expense reporting on the move. For instance, when an employee is traveling, the person does not have time to print, scan, fax, and report expenses. It can result in lost and damaged receipts. Moreover, it results in workers losing their cash due to loss of receipts and missing out on deadlines for submitting reports.
- Organizations that leverage cloud-based expense management software provide employees the freedom to expense reporting at their convenience.
- No matter whether they are traveling in a cab or waiting for lunch, they can report expenses within a short time.
- They can scan receipts with mobile devices and click on the submit button. It makes the expense reporting method seamless.
Storing Receipts in a Centralized Location
Receipts are a critical aspect of reporting expenses. Paper receipts are fragile and can get damaged easily. With various receipts, monitoring all of them can be challenging.
- Expense reporting tools help businesses to store all receipts under an integrated solution.
- Workers can reduce the chances of these receipts getting lost with the help of a receipt scanner.
- Your finance department can monitor and handle expense reports easily with the help of the expense app.
- Automated expense management solution has an extensive digital audit trail that helps you track conversations around specific expense claims.
Expense Reporting in Bulk
When staff makes corporate expenses, they are left with many receipts to check to get timely reimbursement. In a conventional process, information from receipts needs to be traditionally entered and reported. It can be time-consuming and opens the gate for duplicate entries and submissions.
- Online expense management solution empowers travelers to report and submit expenses in bulk. It significantly minimizes the time involved in submitting expense reports. Employees can take photos of expense receipts and submit them at the same time.
- Data from these receipts can be extracted accurately, thus saving productive hours and minimizing entry errors.
Pick Mobile-based Expense Management Solution
When your business has not moved to use an automated app, expense reporting activities are handled physically. The receipts are gathered and stored, and the forms need to get printed and filled. Losing these items can delay reimbursement.
With mobile-based expense reporting software, your employees don’t have to carry the bulk of receipts. They can report expenses whenever they get the receipt. The data extraction technology automatically fills expense reports. It minimizes manual work for travelers and ensures that the form is filled correctly.
When this unnecessary routine task is taken care of, it encourages workers to report the expenses on time. It signifies that the finance department gets timely reports with greater accuracy.