Time is a valuable commodity. In an organization, there are processes and procedures, some of them vital to the survival of the organization and some ancillary. Some take up a lot of time and some don’t. Of course, a vital business function taking a lot of time is understandable but when it comes to ancillary business functions, the least time spent on them, the better. Expense management is one such ancillary function and organizations should do everything they can to reduce the time they spend on it. Automation helps greatly in this regard. Here is how.
Eliminate the need for manual intervention: Expense management automation brings organizations lots of benefits including increased processing speed. From importing data to matching receipts to routing expense reports, everything can be automated to save time and improve convenience for your employees. Also, the multiple systems used in expense management can be integrated to further save time and reduce manual intervention.
Standardization: Lack of standardization of the reporting process is a huge culprit in wasting time. Expense management without templates for reporting or the right approval process becomes harder for everyone involved. With automation, all the processes can be standardized to save time and effort.
Partial rejection: An employee painstakingly prepares a complex expense report and submits it only for the entire report to be rejected and sent back because of a minor issue with one expense item. And now the entire process has to be repeated.
Instead, how much time and effort will it save if only the offending item can be rejected? The minor detail could be corrected instantly and the entire report can be processed immediately. Expense management software gives you this flexibility.
Policy enforcement: A big gripe about expense management is the lack of strict policy enforcement. This leads to delays in approvals and reimbursements. With automation, corporate policies become ingrained in expense reporting and allow for quick processing.
The saving in productivity due to automation can be a huge boost for business operations. Don’t miss out on this chance. Stop spending so much time on ancillary activities and focus on more important areas.