Automating Expense Reports Can Help To Save A Company Valuable Time And Money

bigstock-Analyzing-data-on-computer--20769704In the world of business, time translates into money, and wasted time is time that could be spent doing other productive tasks in the workplace. Manually filling out and calculating expense reports takes time, which in turn will cost a company money, making the choice to automate these necessary reports a smart one that will pay off quickly. It is estimated that through saved time and resources, automating the expense report process can save a company 89.6% in expense process related costs, and this figure adds up quickly particularly in global businesses!

Expense reports are necessary and often tedious tasks when they are done manually, particularly for global travel. An employee will need to save all receipts from expenses during the course of the trip, and manually write a report for these purchases later on. This process will include performing calculations, filling out spread sheets, attaching receipts, and tracking all expenses after the fact. For the typical employee who may not be part of a financial department, this work can be particularly time consuming and frustrating, causing them to use time that could be otherwise spent doing more productive tasks on filling out reports. Also, because they need to be done after an employee returns from a trip, receipts may be lost and figures may be inaccurate because the process is not being carried out in real time.

Automated expense report software, like ExpensePoint, however, will make this process significantly easier and more streamlined. Rather than carting around receipts and trying to remember expenses, an employee can track, log, and file all expense reports as they go along on their trip, and their reports can be approved almost instantly. As an employee goes along on their trip or business related activity, all expenses can be logged on the go, with images of all receipts being uploaded to the virtual expense report, and when the report is finished, it can be sent back to a company instantly.

The finance department or a business manager will then look over the report, and expenses can be approved, denied, or reimbursed right away as they see fit. Once a report is sent, the party who is being sent the report will get an E-mail alert instantly letting them know that a report is waiting for an approval, allowing the entire expense report writing process to go as quickly as possible!

In business and in life, time is money, so time should never be wasted on doing unnecessarily tedious tasks around the office or otherwise. Automated expense report filing provides a streamlined and modern alternative to the traditional expense report writing process, and employees as well as managers can benefit from this entirely new way to keep up with business related expenses!