As more and more technology is being used in business, it may come to a surprise that a good portion of companies today are still manually processing travel and entertainment expenses. If you’re one of these business owners, why haven’t you tried automated expense report software? Implementing one of these programs into your business will be cost-effective, more efficient, and save you time to do other important corporate matters.
Huge Money Saver
According to a study done in 2013, companies spend approximately $20.18 to process an expense report manually. On the contrary, the same report stated that companies that have fully automated and integrated systems only paid $7.60 for each expense report. That is a 62% decrease! With automated expense report software, you and your managers can easily track, review and analyze data to help you see where purchases are being made. If your employees are constantly using the same hotel chain to stay in during business trips, you are in a strong position to negotiate some sort of deal with the hotel company.
Being Able To Easily Monitor Policy Issues
Automated software allows you to make sure your employees are following all of the rules. Most of these platforms come programmed with standard reporting policies. However, most these programs allow you to customize features in order to reflect your specific policies. With this in mind, when employees enter expense items that are out of range or prohibited altogether, the expense report software will automatically reject those purchases. Since it’s impossible to monitor employee activity as a fellow human being, let the automated software take care of those worries for you!
Freeing Up Valuable Time
Having to manually review and process expense documentation can become a full-time in itself. Usually, the people doing this job can be more worthwhile in another part of the company. However, they are stuck in mounds of paperwork, and their valuable time is lost on such a tedious task. This is such a big reason why companies have decided to try out expense report software! The program does all that work for you! Now, you and your employee’s time is spent managing projects, coaching new employees, and building better client relationships. All in all, you’ll be able to dedicate your time to greater things.
If you’re still manually reviewing expense reports, why not consider shifting over to an automated software? Many companies have made this transition and are never looking back.