Businesses that engage in travel to promote the brand or try to expand can come in many sizes. Both large and small corporations use this tactic as a regular work routine, although the process for handling expenses can differ. While the adoption of automated expense reports is expanding across many industries, some businesses do not consider this option for a better workflow.
There are a number of primary objections that are offered in considering automated expense reports:
- Company feels its process works
- Company thinks it is too small for automated expense reports
- Company does not fully understand the benefits of software and technology
Although these are valid expressions, they do not consider the full value of automated expense reports.
The Basic Improvements
As businesses have explored automated expense reports, they have discovered that the streamlining of the workflow and the integration of process have many valuable outcomes.
- A better ability to monitor and enforce policies during company travel
- Lower cost in processing expenses
- Better visibility over travel spending
- Improved employee satisfaction, across several levels of hierarchy
- Faster time in reimbursing employees
- More usage of corporate accounts and cards, for increased rebates
- Stronger ability to detect fraud quickly
- The ability to negotiate with vendors for volume discounts
- Higher compliance with regulations, including lost tax
- Reduction in penalties and interest charges
In this manner, automated expense reports not only attend to issues with travel charges, but the program also increases overall company productivity. This can convince many businesses as to how automated expense reports can work for them.
A further benefit is actually in the fact that the settings for the program are scalable, and can allow managers to have as much control as they need over expenses and process. This also means that as a business grows, it can increase the scope of automated expense reports to meet the increasing needs.