Expense report creation is a headache for all businesses as the process itself comes with many challenges. Around 50% of businesses are currently using manual methods such as spreadsheets to maintain their expense reports. Errors can occur in every phase of the process and deal with them is not only time-consuming but also results in various problems that include reimbursement delays. Also, you have to get an idea about how much money your company spends on expense reports.
Manually processing expense reports becomes increasingly difficult when the company grows. Travel and expense report software can eliminate most issues that users encounter in real-time. By implementing expense report software, you can see a return on investment in short time and get some more perks added. Let us take a look at some more benefits that expense report software would add up to your business.
Saving receipts and filing expense reports in spreadsheets or in-house systems is labor-intensive and time-consuming. On top of everything, you have to bother with keeping track of paperwork and submitting expense reports on time. Automated expense solution streamlines report submission process, so expense data can be accessed quickly by employees.
Although you receive receipts and reports on time, reviewing and validating expenses for policy violations, errors and inaccurate data take a lot of time and effort. With an automated system, most expense claims run through quickly without requiring any data entry or approval. This makes the work easy for employees and employers for submitting and processing expense reports.
When taken manual approach, it is pretty easy for employees to miss receipts. With expense report software, you need not track paper receipts, all the physical copies can be turned digital with a smartphone. Missed receipts frustrate everyone involved, having a better way to track information related to expense report can keep both employees and approval managers happy. Using a centralized system will keep all your information together so you don’t have to worry about data being mixed up with different employees. And, as the software is accessible anytime, you’ll always have access to the real-time information anytime.
Manually submitting expense reports is difficult. The process becomes so complicated when employees are hundred in numbers it becomes more troublesome. Automation is the best way to transform the cumbersome process into user-friendly. As automation speeds up the process, employees can get reimbursement quickly.
Companies won’t track how much the expense report process costs them. If you are manually processing expense reports, the numbers you spend on the process are very high. According to the Paystream report, the average cost of processing expense reports manually is $26, whereas, when you go with automated expense report system the cost drops to $6.
Not only does expense report software save you money, but also gives scope for identifying money saving opportunities. With cloud-based solutions, you only pay for the features you use. Also, you can identify out-of-policy expense claims, so you can probably prevent fraud as well.
Besides upfront savings, the automated software makes budgeting easier. The system will automatically track processes and generates reports that give your company increased visibility into how you are spending the current travel and expense budget. This allows for more accurate budgeting and forecasting.
Apart from these, automation software helps organizations in auditing. The system defines what is and not a legitimate business expense, so you will have clear records for every payment you make. As automated travel and expense solution enforce company policies strictly, calculating taxes and audits become easier.
Expense fraud is a common problem for all businesses today. The reasons for fraud are countless-misreporting expenses, lost receipts, tampered data, added mileage and more. Altogether costs businesses thousands of dollars. With cloud-based travel and expense software, the process becomes automatic. The systems allow you to customize the solution as per your business requirement and enforce policies automatically, so you can catch fraud before it happens.
Budding companies require travel and expense system to grow along with the company. With an automated system such as SutiExpense that scales as per your business needs, you don’t have to worry about your growing requirements.
Choosing a user-friendly expense solution is win-win for everyone. Ultimately, businesses can save money, reduce fraud and enforce policy while assuring the highest level of accuracy and employee satisfaction.