Writing expense reports is a tedious job for anyone and manually managing them not only waste hours but also cost businesses more money. While expenses are unavoidable, spreadsheets, paper receipts and hours of manual data entry is avoidable if the process is automated. Around 80% of organizations are relying on expense data that is manually entered, duplicated and fraudulent.
Automating expense processes allow businesses to make processes more efficient, saving business time and money. With the expense report software mobile app, receipts can be captured digitally and attached as claims, so expense reports can be managed on the go. And, mileage can be automatically calculated from start-to-end points using Google Maps, getting the accurate distance traveled. Automated expense solution allows companies to customize the application, thereby integrating the expense policies and reporting data to the finance team in real-time.
Another key benefit of expense automation is to digitally record data, receipts and maintain compliance through regular audits. Also, this would save a lot of time on reconciliation and verification.
Tracking your expenses in real-time allows you to catch errors and identify patterns that could result in process inefficiencies. Moving from a manual system to the automated expense solutions will reduce 25% of costs associated with travel and entertainment expenses. Automated expense solution can result in potential savings, whether it is requiring employees to book through preferred airlines, merchants or hotels.
Moreover, automated processes are scalable and help the business grow. Also, it provides the workforce flexibility required without any additional costs. Businesses need systems that can increase visibility, efficiency, and save time and money. Not automating business procedures will waste lots money and frustrate employees from not getting the job done quickly.
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