In continuation of our first blog of the series, let us see a few more reasons why switching to cloud-based expense reporting software benefits your business.
Cut-Off Reimbursement Times
The cloud-based expense reporting process allows employees to receive reimbursements faster than ever before. The expense app and digital portal makes it easy for employees to submit expense reports and reimburse claims at a quicker pace. Approvers will receive an email notification when there are reports to be approved. Once the report is approved, it will be sent to the finance department. The integration of the expense reporting software and finance system triggers payment notifications to employees when the finance department has authorized reimbursements.
Expense Reporting is Scalable
Finance processes should be global and scalable for growing organizations. Unlike traditional paper-based expense reports, a cloud-based expense reporting process offers even more flexibility and adaptability into the expense reporting process. You will have access to the service anytime, anywhere with the cloud-based expense process. When employees use the cloud-based expense reporting software, they can capture expenses and submit them from anywhere, without the need to travel all the way to the office.
With the SutiExpense mobile app, you can even capture and save the receipt when you don’t have access to the internet. The expense will be automatically synchronized with the online portal when the smartphone is connected to the internet again. Moreover, subscription management is easy with a cloud-based expense reporting solution. By defining the designation and title, the expense reporting software will automatically execute the rules configured for that specified job title. This way you can ensure company policies are executed as per the rules defined by the role, department, and expense category.
Work on What Really Matters
Efficiency and productivity are what every business is looking for. While at the same time, finance departments are looking for opportunities to reduce costs. Cloud-based expense reporting software can achieve business goals while completely automating workflows, business rules, and reducing time on expense reporting. This works for expense reporters, approvers, and finance departments.
A paper-based expense reporting process costs you more. All these hidden costs are accompanied with the time constrictions, requiring your resources to spend most of their time on the reimbursement process. Businesses that adopt a cloud-based expense reporting solutions reduce their expense processing costs by around 50%, costing you much less per expense report.
Minimizing the time, employees need to spend on expense reporting allows them to focus on what really matters. Cutting costs on administrative activities allows resources to spend time on more valuable tasks. Productivity increases as employees spend less time on administrative tasks, and have more time on increasing profitability.