Processing expense reports takes some time, especially if there are errors or discrepancies. If your finance department is struggling to process expense reports in a timely fashion, it is likely you should review and update your expense reporting process.
Manual expense reporting will slow down the process and increase the need for human intervention. At each step, someone has to physically work out whether it is entering a line item or looking through a stack of receipts. Although some processes take only a few minutes, added up altogether accounts for a few dollars in the long run. In addition, the manual process makes reconciliation difficult and the entire process becomes tiresome.
Adding automation to your expense report process will add the needed speed and save your finance department time on expense management. Automation also helps reduce errors, which will result in huge savings. The manual process results in errors and discrepancies which then requires the reports to be sent back to the sender, restarting the entire expense reporting process. Having a system that automatically matches line items and adds up the total correctly will make the process much better.
Taking a Paradigm Shift
Making a move from manual to an automated system will not just give employees the ability to capture and submit expenses anytime, but also increases the ease of use. You will gain an unprecedented level of visibility into company-wide spending. Also, it keeps the expense report process moving forward by expediting reimbursement processes.
Still receipts are required even when you go for automation and mobility. With expense management software, mobile devices come in handy allowing you to create expense reports in a faster way. Employees can capture and submit reports while on the go! Auto-receipt capture eliminates the potential of losing receipts and keeps the expense process moving without getting stuck. Accelerating the reimbursement process makes employees happy, and results in significant time and cost savings.