Are you falling behind in your expense management? Erroneous manual processes will take up a lot of your finance department’s time. Automated expense management solution is what your business needs to gain control over spending. Businesses of all sizes have expense reports and need to have a system in place to monitor spending. Spreadsheets replaced paper processes and now expense software has replaced spreadsheets. Expense report software transforms the way we manage expense reports.
On the other hand, finance departments are often chasing employees for receipts and encouraging employees to comply with expense report policies. Also, having illegitimate expense claims requires your accounting department to spend more time processing expense reports. If you are facing the same hurdles with your expense management process in your business, let’s go over how automated expense report system can take the hassle out of expense reporting process:
Automating expense process saves time for employees, approvers, and finance department. The automated solution allows staff to record and update expenses when they incur so visibility can be improved for approvers, allowing claims to be processed quickly.
Real-Time Money Saver
Besides time savings, expense report software can cut costs in many ways. The biggest benefit is capturing data in a way that facilitates instant reporting. Typically, you can see a reduction in travel and entertainment costs when switched to automated expense report software.
Eliminate the Paper Trail
Paperless processes bring greater efficiency in every step of the process. With automation, you do not need to deal with misplaced receipts. Cloud-based expense report software allows businesses to view expense reports across multiple devices anytime, anywhere.
Submit Expense Reports on Time
Employees can use the mobile app to capture and upload receipts for travel as spending happens. Giving employees required tools to enter information on the go can help eliminate missed expenses claims.
Clear Expense Report Policies
Inbuilt policies ensure employees will always know what they can and can’t claim with out-of-policy claims being flagged. Defining policies at the company level will ensure no grey areas when employees submit expense claims. Automatically flagging out-of-policy claims is an ideal way to make savings. Third party integration’s such as Google Maps allow for mileage tracking and simplify the process of distance tracking.
Reporting and Tracking Made Easy With Real-Time Visibility
An automated system that generates custom reports will give finance department robust data and complete visibility into spend and lets you drill down to any level.
Integration With Accounting System
Expense management software can easily integrate with company’s accounting system to allow for easy flow of data through the finance department.