Business travelers and accountants have experienced the pain of travel and entertainment expense reporting. Most often, the systems used for expense report management rely on paper trails or homegrown legacy systems, neither of which overcomes the challenges of expense management in the modern workplace. Till today many organizations are struggling with outdated and inefficient processes to manage their business expenses.
Most-common enterprise pain points are as follows:
- Employees fail to submit reports on time
- Losing paper receipts
- Periodic checks for policy violations
- Time factor to reconcile, review and approve expense reports
- Errors on reports
The chances for a business traveler to lose a receipt are very high. However, thanks to the mobile digital receipt capture technology that allows business travelers to capture receipts digitally and store them for a long time. Another aspect that contributes to an increase in loss of receipts for companies, both manual and automated, is the growth of online purchase and electronic payment methods. As receipts are emailed to users, these type of purchases will complicate the expense reporting process, resulting in receipt loss. Corporate credit card integration and expense system-to-merchant integration can alleviate some problems and frustrations that come with receipt management in expense reporting.
The frustration caused due to process inefficiency drives companies to switch to web-based automated expense report software solutions. The automated solution will cut down expense report processing costs, increase visibility into expense data, minimize non-compliance travel expenses, and give you complete control over T & E spending. Online expense report solutions are a means to resolving existing challenges of organizations and ensuring employee productivity, process efficiency, reporting problems and financial accountability. In simple words, the software reduces costs and improves process efficiency.