The adoption rate for SaaS-based expense management software is sky-rocketing. Here are the top ten reasons why businesses are joining the rush to convert expense report processing to SaaS-based solutions:
- Paper expenses drop close to zero: Converting to electronic documents, including the capture and archiving of receipts, eliminates paper copies from your budget.
- Mailing costs also drop to zero: You no longer ship paper copies of expense reports between offices through the mail or by courier. One client with a number of operational and sales offices nationwide estimated that the savings from mail costs was close to $4 per report, multiplied by hundreds of expense reports annually.
- Your traveling people stay focused on their jobs: Making paperwork more efficient and less error-prone saves time, giving your talented people more of it to focus on their objectives. Removing paperwork distractions can add 5% to an employee’s productivity, according to one client.
- You save a lot of administrative time: Removing manual data entry from the creation and processing of expense reports saves a lot of administrative time. One client estimated that they could reassign one FTE almost immediately once manual cross-checking of expense report receipts was eliminated.
- Improve data accuracy: Fewer errors by employees completing the reports, and by the accounting assistant re-entering them into the accounting system, saves man-hours.
- You pay employees back faster: This may sound counterintuitive as a cost-saving measure, but faster reimbursement makes employees happier, and happy employees put more energy into their jobs. Even if the new expense report system makes employees 1% more productive, that additional contribution to achieving the corporate mission will pay back the investment in the software solution.
- Gain a Line-Item Veto: Expense report software makes it easy to spot an out-of-policy expense and flag it for explanation, correction, or denial. Plus, the reviewer may kick just that one expense back to the submitter, and forward the balance of the expense report on to the next step. An entire expense report no longer gets suspended or redone to correct one error.
Save time, save money and make your employees happier and more engaged in their job – essentially the three key benefits that are driving the accelerated adoption of SaaS-based expense management software. Visit this page for more information.