While large enterprises have teams to look after their travel & expense management and invoice processing, small businesses lack the systems needed to stay on top of these matters. So, employees need to fill in an expense report, attach relevant receipts, and then forward it to the manager for approval. This process can take hours and if there is any implication, again the report will be sent back to the employee and the whole process gets repeated again.
Expense Reporting Problems
So, there are two problems with expense management. First is it takes too much of employee’s time and they don’t get reimbursed quickly. Expense report software addresses these issues and quickens both the reporting as well as reimbursement process. You can take a snapshot of the receipt and attach to the expense report.
The software solution integrates with travel services such as Uber and other providers, which enables you to import all the travel related transactions directly to the expense application. Automated solution will notify managers whenever an employee submits report for approval, and at the same time the solution prompts users if there are any policy violations in the expense line items.
Coming to invoice management, invoice software can help simplify the invoice matching process. Having visibility into the cash flow and tracking every invoice as soon as it comes can make a big difference. Getting that immediate visibility is important as it streamlines the workflow and figure out potential pitfalls in the reimbursement life cycle.
Eliminating data entry and audit processes makes it easy to approve expense claims and invoices. Expense software frees up significant time and allows businesses to grow without investing much on additional resources. In addition to this, automation offers fringe benefits that remain invaluable to any organization.