Businesses are increasingly spending more on travel and entertainment business expenses. On average, around 10% of the annual revenues account for business travel. The time and cost of expense report processing exceed $100 according to the Global Business Travel Association (GBTA). This is the result of:
Taking 20 minutes to write an expense report
Average cost of processing an expense report is $58
Around 19% of expense reports have errors
Average total cost to correct an expense report is $52
Accounting Departments are Overwhelmed
Accounting departments are asked to do more with less. Adding staff is not the solution; you have to find ways to reduce the burden with automation. At the end of the financial year, employees will be busy with closing year-end expenses and reporting, automation will result in significant time savings resulting in decreased costs.
Automating processes and implementing the best practices for accounting will cut off your department’s workload, improves accuracy, and reduce cycle time.
Minimize Time Spent on Expense Submission
Manually filling out expense reports and collecting receipts is time-consuming for both employees and accounting department. Using expense report software to capture the receipt and information reduces the time spent in shoe-boxing receipts. Integration with other systems such as accounting system can help automate the flow between systems while ensuring the accuracy of the data. Also, the integration allows accounting departments to quickly verify and validate the expenses submitted.
By cutting down the time spent on manually creating expenses and alleviating the need to keep up paper receipts, employees can focus on what is more important; this creates a win-win situation for the company and employees.
Choosing the right expense report software will cut down the time spent by your staff by 50% or more. Automated solutions can easily identify duplicate entries, flags out-of-policy expense claims and reduce the chase of employees for receipts. Communication can be centralized and the system takes care of auditing processes.
Switching to automated expense report solution can benefit everyone involved in the process. Your employees spend less time on expense reports, and your accounting departments spend less time in data entry and monitoring business expenses.