Having employees fill in excel sheets and staple receipts together should really be a thing of the past by now. Half the time (or more) they put it off till the receipts are lost or faded, they make mistakes, and your accounting staff has to spend untold hours on simple data entry. If you have considered moving to expense report automation, here are 5 good reasons to take the plunge.
1. Faster And More Accurate Compliance
An automated system is faster and easier for employees to use, which will give you better compliance in two ways. You are far more likely to get reports on time, even in close to real time, and the reports you get are going to be more accurate and complete.
2. Improved Fraud Control
Having faster and more accurate expense reports from staff makes it easier to keep an eye on fraud. You will have access to better data that can be crunched more ways to look for patterns of possible fraud. Expense report automation also provides you the opportunity to verify expenses closer to the time they are made, making it easier to nip problems in the bud.
3. Better Tracking
Because you can produce better analysis on the basis of the data generated by an automated expense report system, you will also gain a valuable tool for controlling expenses like travel and entertainment. You can track expenses against projections and estimates on a running basis, quickly catching errant trends.
4. More Time For Important Things
Both the employees filing the reports and the accounting staff charged with processing the information will save time on the basics, leaving more time for the important tasks of the job. For accounting staff this means more time doing the real job of accounting, when it comes to expense reports: tracking and controlling costs.
5. You Will Look Good
Automated expense reports will improve the efficiency as well as the effectiveness of your department. The cost of the system will be earned back quickly by savings both in cost control and fraud detection. Employees filing reports will appreciate the greater ease and faster reimbursement. You and your department will look good both on the sales floor and in the board room.