When switching from paper-based system to web-based expense management system, you need to take a few factors into consideration.While switching you have to understand what to expect in terms of features, implementation, support services, global capabilities, and scalability. Perhaps, the actual benefit a company realizes by switching systems goes beyond the expectation in every category.
Forecasting return on investment from an automated expense report software solution is a critical part of the internal approval workflow. There are a number of ways to calculate ROI from the expense reporting process, including employee productivity, administrative overhead, storage fees and office supplies. The majority of companies who turned to automation are quickly realizing a return on investment. Around 89% of companies achieved a full return on investment in less than 2 years.
Unlike manual expense reporting systems, automated solutions will make it significantly easier to track common ROI metrics. Companies using automated solutions can pinpoint the system features that provide the greatest return on investment.
Automated expense report solutions will improve process efficiency, reduce overhead and staffing requirements necessary to manually process expense reports. In addition, various features such as travel booking controls, mobile tools and elimination of duplicate payments can help improve ROI.
Switching to automated expense report software can have a significant impact on other areas of corporate accounting. Companies realized they were able to leverage T & E systems to add value to the processes of other duties and responsibilities. The other processes may include invoice and payments, auditing, annual budgeting & planning, financial reporting and much more.
These processes will benefit through automating expense report procedures, as they will have a direct impact on each of the internal processes. Therefore, expense report software will add value to your business on a whole.