If you are still relying on spreadsheets and paper receipts to manage your expense process, then your auditors might be wasting a lot of time and effort in auditing expense reports. Auditors might be facing many inconsistencies and fraudulence in every stage of the expense reporting process without knowing it. Automated expense management software would be the right solution for companies experiencing auditing challenges.
The following are a few challenges that auditors face when manual expense reporting process is followed:
Comparing Expense Reports With Receipts
Sitting and auditing all the expense reports is not only a time consuming task but also a very difficult task for auditors. Figuring out whether the submitted reports match the actual reports is a notorious task. Automated expense management software will overcome this challenge by automatically matching the reports with receipts.
Whether it is non-compliance, missing receipts, or redundant data, the auditor will have to approach the respective employee to re-edit the report. Sometimes, you need to tell where they went wrong and how to fix it. The entire process wastes the auditor’s time and efforts. However, this does not have to be the same way if you have expense software. An automated solution would send automatic reminders to the respective employees, thus eliminating the need for manual follow-ups.
Pile of Expense reports
As more expense reports get added to the list, auditors will run out of time to complete their core activities. On the other hand, employees spend a lot of time filing expense reports instead of focusing on their core tasks. It ends up costing a pretty good amount to the company over time.
Expense report automation will create a win-win situation for both employees & management and increases ROI.