When you are managing employee expenses with the help of excel spreadsheets, paper receipts or by using both, then there are few questions that you must consider.
- Is your organization tired of passing papers or entering data manually in spreadsheets?
- Do you reimburse your employees as soon as they submit their expense reports?
- Is your organization worried about expense theft?
If you don’t have proper answers to these questions, then it is high time to go for a change.
How an Expense Management System Can Help You
An automated expense management software eliminates the use of paper, excel spreadsheets, and reporting expenses manually that includes a lot of hard work, slow reimbursement process, and the potential of losing receipts.
So, how to manage your expenses in a better way? Here, we present a few fundamental issues that will help you to decide whether it is the right time for you to switch to an online expense management software solution.
- Employees are Unable to Submit Expense Reports on Road
Employees traveling on the road need to maintain their expense receipts and submit them only when they reach their office. Making travelers to find and arrange their revenues after their trip ends is not an easy task. With the help of a mobile expense management solution travelers can save their valuable time, and increase efficiency at the time of entering expenses and receipt copies from any smart device while traveling.
- Possibilities of Human Errors
When you have to keep on entering data manually, there are high possibilities of making errors. These errors are extremely tough to monitor with paper receipts, and manual process makes it difficult to find out the starting point of the mistakes. OCR technology eliminates problems related to human errors. It captures receipt, mails it to the account, along with saving your receipt repository, so you do not lose your receipt anymore.
- Expense Fraud costs you more
In the USA, expense fraud is one of the significant issues reaching almost $3 billion every year. Nearly 60 percent of the fraud cases were committed by the employees submitting expenses manually. Manual expense processes lack safety such as monitoring policy compliance and eliminating any suspicious claims, and more. Whereas, modern expense management solution has audit trail capabilities which offer a second review process to catch errors and expense frauds.
- Reimbursement Delays
At the time of slow or late reimbursement process, your employees need to check with HR managers or go to the payroll department. It causes a lack of productivity at work. Leveraging an automated expense management system helps to take your per diems into account and set restriction, so employees avoid any overspending. It will gradually help employees to avoid submitting expense reports that may raise questions or doubt in the future.
With an online expense management system, employees can log into their account any time to check their status of reports. Also, employees can receive email notifications whenever they require clarifying an expense report.
So, if you have to do a lot of administrative work using manual expense management, have questions on expense reports, facing problems with approval process or late reimbursements, then it is the best time to switch and utilize the benefits of an expense management system.