Whether it is for clients call or sales meeting, employees have to submit expenses for reimbursement at some time. Filing expense reports is dreadful, and managing financial reporting is even more cumbersome. With costs rising up, it is imperative for businesses to streamline the expense report process and make it more efficient.
Let’s take a look at how companies can make expense reporting easier while combating fraud:
Lack of systematic approach to managing employee expenses is one of the biggest concerns of companies. For employees, this becomes a task of sorting and filing, whereas, for managers, this becomes a burden. Relying on error-prone spreadsheets to manage employee expenses is not a good idea as it comes with certain flaws. Going digital not only alleviates the problem of duplicates but also improves efficiency. Switching to an automated expense solution saves at least 50% of time spent on reimbursements. Automating the internal procedures reduces your reliance on paper.
Timing is Important
Simply capturing a receipt from your smartphone is one of the best features of expense report software. This will not only speed up the process but also minimizes the possibility of losing receipts. Moreover, some solutions have directly integrated with vendors or service providers, meaning data can be captured immediately as expenses occur. In addition, email confirmations from third parties can be directly imported into your report, thus saving your time.
No matter intentionally or not, fraud happens. This could be as simple as submitting the same receipt twice or manipulating the expenses incurred, plus much more. With corporate card feeds, purchases can be automatically matched to transactions. Expense report systems will automatically highlight potential corrections and alerts users when they submit out-of-policy expenses. Having an effective way to manage employee expenses and a proper structure for reimbursement plays a crucial role in businesses.
With expense solution, businesses can effectively manage employee expenses across multiple locations with ease.