Expense management might not be the hot topic within your company, but having an expense reporting system can save you a lot of time and money. Recent survey from ACFE revealed that businesses lose 5% of its revenue due to fraud every year. Expense fraud mainly happens due to non-compliance with tax regulations. Automating expense report process can help increase control and ensure compliance.
Leveraging technology to manage your employee expenses is something that organizations can do to eliminate expense report process overheads. Technology allows you to streamline your expense reporting process and helps you to effectively manage expenses in real time. The following reasons illustrate why considering expense report software is an added benefit to your company.
Mobile application allows users to manage expenses anywhere, anytime by simply capturing receipts and submitting for approval instantly. Approvers can approve/reject expenses from their smartphone. Using mobile application will not only cut the reimbursement time by half and also allows employees and employers to access the data as and when needed.
The expense report system allows you to configure per diems at the company level. Your employees can add travel details in the system and the application will calculate the amount based on the Per Diem amount configured. This way you need not manually check per diem rates each and every time when you enter expenses.
Automatic Policy Enforcement
Complying with company’s travel and expense policies is something that employees don’t do. With an automated solution, you can predefine the policies within the system so the system will restrict employees from submitting out of policy expense claims.
While some say errors in the expense entry process are inevitable, we say they don’t have to be. Automated expense report solution automatically detects and flags duplicate entries so approvers do not need to spend much time in reviewing redundant expenses. This would save a considerable amount of time when considered altogether.
Tracking employee activities is important. With automated expense management system, you can keep track of every activity of the employee spending.
The automated solution allows for seamless expense management while reducing the miscommunication between employees and employers.