Business

Why You Need To Automate Your Expense Reporting

Expense reporting is a daunting task both for businesses as well as for employees. Today, many small and medium-sized business enterprises are still using the manual system for processing expense reports. They can face problems at every stage and dealing with those issues is time-consuming and can delay the employee reimbursement process. It can also increase the amount your organization spends on expense reports.

Also, when reports and receipts are turned in, it takes a lot of time to review requests for policy violations, correct mistakes or errors, and finally approve them. With the help of automated expense reporting software, it is easier to move claims without the need for entering data manually or approval.

Monitoring Paperwork is Difficult

While using a manual expense reporting process, employees have a tendency to lose track of paper receipts or forget to include them in reports. With online expense management software like SutiExpense, keeping track of paper receipts is no longer needed. Users can easily take a photo of the paper receipts with their smartphone and add them directly to an expense report via email or mobile app.

Losing important paper documents is crucial and receiving an easy way to monitor information related to the report is a great advantage. The expense management software keeps all vital information together so you don’t need to worry about mixing up one employee’s receipt with another. An automated travel and expense management system work in real-time and you will always have access with updated information available.

Cost Reduction

Switching to automation with expense software from manually processed expense reports induces cost saving for your organization. For instance, if the average expense for processing an expense report manually is around 25 EUR, you can reduce the cost to about 7 EUR per report. Leveraging an automated expense management solution is one of the best ways to reach your objectives in regard to saving costs.

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Tracking Receipts is Time-consuming

Submission of expense receipts done manually is time-consuming and increases the risk of losing receipts as well as forgetting to submit them on time. Employees have to perform many other important tasks instead of just keeping track of the paper receipts. A mobile expense app based on OCR technology helps employees take a picture of the receipts on the spot and extract the critical data from the receipt at the time of claiming expenses. Above all, it ensures that there are no duplicates, no receipts are misplaced or lost, and there are no delays made in the employee’s reimbursement process.

Improved Visibility over Spending

Expense report software turns it easier for your organization to adjust the budget when it comes to travel and expenses. Automation enhances monitoring, processing, and storing reports so you can have increased visibility over spending habits. It also provides you with accurate reports so you can make proper future decisions regarding managing expenses.

Enforcing Policy

Today, in this modern business scenario, expense report fraud has become a common issue. This can take place when somebody makes a mistake in reporting or when an employee does not provide accurate reports which fall heavily on the organization.

Enforcing company policy by catching fraud is extremely difficult, time-consuming, and expensive. A cloud-based travel and expense software helps companies to catch several types of expense fraud before they turn into a serious problem.

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Making Employees Happy and Satisfied

You must pay attention to your employee’s complaints especially when it is related to the difficulties they are facing while submitting manual expense reports. Such processes are so complicated that many employees simply give up submitting expense reports on time and blame the organization for the money they had to use from their own pockets.

In order to avoid employee dissatisfaction, it is crucial to automate the expense submission procedure in a user-friendly manner.

Saves Time

Gathering expense receipts and filing reports through a manual process takes a lot of time for every employee. Moreover, when employees are on a business trip, they are unable to keep a track of paperwork and submit it on time.

Expense reporting automation helps you streamline the expense submission process so that all employees can submit information on time. With an online expense management system, most claims can move quickly, without the need to enter and approve data manually and makes it easier for employees to submit and process their reports.

To Sum Up

The best expense report software is the one that grows with your organization and helps you to make improvements in the way your budget is managed as well as consumed. Hence, you must look for an expense management solution that is easily scalable to your organization’s growing needs.

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