Although, managing your employee expenses is time consuming, it plays a crucial role for your organization. When employees submit their expense reports, the manager needs to review, authenticate, and approve all expenses and process them as soon as possible.
But organizations using paper-pen method or spreadsheets for expense management manually, include complex reporting and validation and also may lead to unnecessary delays, and lost or misplaced receipts.
So, your approver’s work becomes easy by automating the expense management process. A streamlined automated expense reporting process is a blessing for your entire organization.
Let’s make expense reporting painless and simple. Wondering how?
Listed below are few important points that you should consider to make expense reporting simple and easy.
Timely Submission of Reports
Many employees still struggle to file all details of their expense reports and get them approved by their managers. When following a manual process, an employer must refer to corporate polices and look for other additional receipts and references.
Moreover, delays in submission of the expense reports may lead to lost receipts or the reports getting misplaced. But by automating expense reporting, the employees can upload expense receipts and reports online along with email invoices on the run.
This policy is extremely easy and alerts employees about unauthorized or duplicate receipts, and policy violations. The managers also receive alerts from the system for reviewing and approving expense reports quickly.
Validating the Expense Reports with Corporate Policies
All employees should be aware of their corporate expense policies including their spend thresholds and timelines. The policy should state very clearly about what expenses are acceptable (and must be submitted to the accounts payable department) and what are not.
Validating an expense report is a challenging task for all the approvers. Integrating correlated rules within the system will help increase corporate policy compliance and point out any impermissible claims.
Automating Expense Report Process
Streamlining the expense process encourages employees to stick to the acceptable norms. Many organizations need multiple approvals and processing all the reports within the deadline is crucial. Organizational hierarchy and steering needs can customize automated expense management system.
All approvers and managers must be held to the same standard as the employees in the organization and the alert system automatically incorporates this feature to inform about completing the process on time.
Leveraging Data Analytics
Data analytics can be used by managers or approvers for identifying abnormalities in the system. Expense reports and trends identify expenses incurred by the employees and vendors. Investigations can be done on any unusual trend and policy changes can be implemented instantly.
Approvers must be permitted to review expense policies in order to fix loopholes and integrate new items whenever necessary.
The Bottom Line
An automated expense management process helps in eliminating fraud, saves time and money, improves accuracy, and enhances visibility of your business expenses.
With an online expense management software, employees can track all their expenses in real-time and any obstacles in the approval process are reduced, thus increasing your business competitiveness and profitability.