Employee spend management is the most tedious process within company functions. But, the process is always being overlooked when it comes to updating and revolutionizing. Organizations fail to understand that effective expense management is the best way to reduce costs and ease the job of doing business.
Employees are frustrated by manual expense management, and the more outdated the process is, the more vulnerable the company is to fraud. Automating expense report processes and opting for the right solutions allows you to enforce expense rules automatically, and your company can achieve a higher ROI while minimizing the time spent on expense management.
The Need to Upgrade Your Expense Management System
Businesses struggle to balance,reducing costs, and grow their business. Sometimes, it seems like an impossible thing, and for others it is a an uphill challenge. Automated expense software cuts costs while increasing productivity and moving towards digital.
Often businesses are likely to overlook manual tasks, and manual processing will end up costing more for the company. That is why automating paper-based processes can minimize spending, increase efficiency, and drive revenue. Expense management is one such task that needs to be automated.
A manual and inefficient expense management process can frustrate corporate travelers. Let us see why manual expense management is a money drain for companies, and how implementing the right expense report software can help businesses:
The steps involved in the traditional expense reporting process are repetitive, allowing room for more human error. Manually filing expense reports, saving receipts, approving hundreds of reports at a time, reconciliation, and validation all make expense management a tedious and tiresome task for employees. Moreover, finance departments also lack visibility into real-time spending, making companies vulnerable to breaches. Random checks are put in place to prevent expense fraud, but this doesn’t foolproof duplicates and compliance checks. Therefore, having an expense report solution in place would be more reliable.
A business that manages the process with a basic expense management solution still requires multiple hand-offs. The mobile cloud-based expense report solution would be more efficient,helping companies put new processes in place for real-time management and reporting.
Automated Cloud-Based Expense Report Software
An automated cloud-based solution allows you to manage expenses in real-time. By eliminating manual interventions and automating processes, businesses can automate policy checks and fraud risks. Automated and mobile report solutions make the expense processing simple, and every task can be done within a few clicks.
Employees can scan receipts using the mobile app, and the solution automatically extracts the data using Optical Character Recognition (OCR) technology. Expenses can be approved or rejected when employees upload receipts using a smartphone. Expense automation can increase compliance rates, decrease processing costs, and motivate employees to submit claims on time.
Undoubtedly, visibility is a crucial aspect of the finance department. While basic expense management solutions can manage the process, cloud-based expense report solutions are designed to identify patterns and provide visibility into company’s spending.
Reports detailing out-of-policy claims, employee spending habits, user analysis, all can be easily created in a few clicks with cloud-based expense report software solution. This analytics allow companies to make informed decisions and set budgets for spending.