One important pillar of running any business is information management. The ability to quickly get good, accurate information, and dispense it to whoever needs it is not just a competitive edge, but an ideal way to keep productivity high, as it means less downtime while people wait on the data they need in order to complete their work.
In this regard, there are still many “bottlenecks” in the working world that can be addressed for better efficiency, and one of them is the way the expense reports are handled. In the past, employees that traveled couldn’t start an expense report until the trip was done. Their bottleneck was the amount of time required to fill out an expense report making it impractical to do during the actual business trip. This created a bottleneck for the finance department that couldn’t properly review, assess and review reports until they were completed, and it meant a backlog of work, especially if many employees went on the same or different but simultaneous trips and all returned to file their reports.
But when expense report software works online, this puts everyone’s information in one place where the right people can access it. By working through an app, employees can quickly upload expenses as they happen, and even produce receipts in the form of photos taken by their mobile device. By automating the expense tracking process with a company credit card, credit transactions can be automatically logged and processed as they happen so that people aren’t required to manually enter these expenditures in, and the automated nature of the process clearly logs the time, amount and services or good provider responsible.
This also means that the finance department doesn’t have to wait to start processing expense reports. The expense report software makes the data available online. Work can start immediately on reviewing and approving expenses, and avoid a large pile up that can only be addressed when the trip is over.
By putting expense report information in a central location, all the people that need the data can add to it, get it when they need to, and review it in an easy efficient manner that can still stand as an official financial record. It just makes everything easier.