When we talk about the use of expense report software like ExpensePoint, the chief advantages of the using this kind of system are usually down to time. Your employees save time filling out report on their phone while they’re actually traveling, and your finance department saves time reviewing and approving items—even individually, within moments of being filed—even before an employee returns from a trip.
But while saving time is important, it’s not the only advantage that comes from using expense report software. You can save money too.
Fewer Office Supplies
Because software like ExpensePoint exists as an app, as a program on desktop and laptop computers and as a centralised, online database that can be accessed by any authorised personnel with an Internet connection, this means a lot of savings in terms of actual, physical office supplies. You don’t need to buy additional paper to use in the creation of forms that need to filled out, you don’t need the extra office supplies of pens, printer toner or photocopy ink in order to create multiple copies, you don’t even need paper clips for attaching all those receipts.
Everything can be accessed online, which means you don’t even need additional storage like filing cabinets to store these reports for archival purposes.
Fewer Accounting Errors
By making expense reporting easier, you also enjoy the benefit of more accurate financial information, with a reduced chance for errors or, worse yet, deliberate misreporting for expenses for the purposes of fraud. With traditional, less efficient methods of expense reporting, receipts can be easily lost over the days that they need to be kept in storage until the time to write the report arrives, and the slower, more tedious process of old expense report processes leaves room for exploitation.
Expense report software allows for the quick reporting of items—sometimes within seconds of happening—and, if company credit cards are used, are instantly, accurately recorded by both your software and the credit card company. This means that you not only save on office spending, but decrease irregularities in your travel expense budget, and that means a healthier, more efficient company.