automate expense tracking

Top Ways to Automate Your Expense Tracking

Tracking expenses on the paper receipts is quite daunting for the managers as well as employees. More than 60 percent of workers merely attach all receipts to expense claims and leave the rest for the accountant to figure it out. Think of having to riddle out what receipts goes to which expense throughout the day.

Organizations lack granular insight with their worker’s expenses for changeable formats and absence of clarity on every expense. Many employees miss out on the basic information causing employers to go back and forth to set things accurately again.

Just imagine the time you found a torn or stained bill that your missed to file or made expense but had no proof of the purchase done. It is not an easy task for anybody to store paper receipts manually.

Moreover, for travelers, it causes a lot of difficulties to monitor expenses and get the work done correctly. Reimbursement cycles are often slow.

With numerous procedures, multiple forms, long approval cycles, and proof to be submitted for each expense, employees lack timely reimbursements. Every employee ends up spending their time to file all paper bills appropriately along with the expense claim forms.

Both managers and employees face a lot of difficulties. Lack of accuracy in reporting and delays end up hitting objectives that form the heart of the organization.

Today, organizations are starting to realize the hardship of tracking paper receipts. With multiple business workflows going digital, companies have started chasing expense management solutions to make the work of tracking paper receipts and expenses simpler.

Enterprises that have gone through the process have reported an astounding 55 percent reduction in processing costs. This reduction in the amount of paper involved is one of the major factors organizations have implemented this process for, and here are some more:

1. Granular Insight

Organizations still claim that a lack of visibility into spending is a major problem. With proper use of scanning and image processing solution, employers and payroll leaders receive complete visibility into the spending patterns and curb unnecessary expenditure significantly in the real-time.

2. Eliminate Misplaced Receipts

Expense receipts are the only proof you can provide your payroll leader of an expense made. With the help of artificial intelligence-powered image scanning and processing, employees now need not have to worry about losing their receipts anymore.

3. Real-time Tracking

Now, employers need not have to wait for the worker to submit their receipts to review. With the help of a central expense management platform, staff can file expense reports and have their employers assess them in real-time.

4. Streamlined and Appropriate Data Entry

Traditional or semi-automated expense reporting solutions often include a lot of data entry work, thus promoting inappropriate data and errors. Your workers need not have to carry around multiple receipts. They can leverage their smartphones to monitor them.

With technology, workers can reduce the number of errors without compromising on the kind of stored data. It enables them to remain focused on the task at hand.

To Sum Up

With an automated expense management system, employees can scan their expense receipts from anywhere. Using image processing, bill ID, amount, and other information are stored as expense data automatically, without requiring manual entries.

The finance department can view expenses without the need to match each receipt with expenses made. This helps them to gain complete visibility on the areas with unnecessary expenditure and also review as well as revise policies accordingly.

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