Expense reporting in the cloud is quickly picking up pace across all industries. Automating financial processes is the key to achieving efficiency in an organization.
Let’s see how cloud-based expense reporting can help achieve transparency, accountability, and efficiency while providing insights into upcoming costs.
Increased Accountability and Transparency
Good expense report management starts with transparency. Expense policies should be clear and enforced diligently. Moreover, expenses filed for reimbursement should have the expense details and receipts attached. Cloud expense reporting tools can help capture receipts and store them digitally, preventing receipts from getting lost and allowing you to gain maximum accountability.
Better Insights with Real-time Statistics
Making expense report process convenient will encourage employees to complete and submit expense reports. Getting employees’ spending information as early as possible will avoid finance department from receiving expense claims last minute. Expense report software can give you an overview of the unsubmitted expenses. You can see expenses right from the moment the receipt is captured and even before the employee submits the expense. In addition, you would have the ability to identify where your business expenses got stuck in the reporting process: Did the employee forget to submit expense reports? Did the manager not approve yet? Also, you can study spending tendencies segmented by expense category, department, locations, employee and any other criteria. You can also access a dashboard that gives you a complete picture of your business spend.
Decreased Reimbursement Times
Cloud-based expense solutions reduce reimbursement times and make employees happy. As expense reports get submitted digitally, employees can submit claims faster. Approvers will get email notifications for the reports they need to approve. Once the report gets approved, the finance department can access and process for a quick payment. The integration between the expense reporting tool and finance software can quicken the reimbursement process by triggering automatic payments for the employees.