One of the great clichés that applies to many things in life is that “little things add up.” For example, leaving the lights on might not add a whole lot to a utility bill at the end of every month, but leaving the lights on, keeping radios playing, leaving air conditioning on all the time during the summer, and turning heat up during the winter can result in some high bills.
But the opposite can also be true. What may seem like a minor convenience or small bonus can, when added to other things, result in some significant gains or savings. Efficiency, in many cases, is not about one specific factor that increases profits or productivity, but instead is about the culmination of many small effects into a larger final result.
In many ways, the use of expense report software like ExpensePoint is a perfect example of these small efficiencies in action.
Efficiency Of Ease
It might seem abstract in terms of direct benefit, but with good expense report software, being easy to use can have big effects up and down the productivity line. With an easy to use software system, compliance is much easier, since employees have less difficulty in filing expenses. This means that your expenditure is more accurate and your records are up to date. Your financial decisions are based on more accurate information, and this means better, clearer financial choices.
Efficiency Of Time
Using ExpensePoint means that filling out expense reports is fast. In some cases, it can take less than a minute, or even no time at all with features like corporate credit card transactions being automatically logged with no input required from an employee.
On the other side of the equation, financial departments can process expense reports much faster since they don’t have to wait for an employee to come back, write the report, submit it along with receipts, and then go through the process of review and approval. Staff can be automatically notified of every expense item as it is filled in, making it easy to review and approve or decline items right on the spot.
Efficiency Of Security
With an integrated expense report software system, more security in expense reports is achievable because the online nature of the software makes it much more difficult to produce fraudulent expense reports. Fabricating receipts, for example, doesn’t work if a credit card purchase is made, since software like ExpensePoint automatically logs the transaction and the amount the moment it occurs. Modifying a receipt after the fact will be instantly noticed. With the ability to take photos of receipts right after a purchase is made, the enforcement of compliance with using a receipt imaging system as a transaction happens means abusers no longer have the time to modify or doctor receipts.
Any one of these benefits provides a minor boost to the accuracy and productivity of your expense report system, but added all together, it’s clear that with the proper approach to expense reporting, both employees and financial staff can enjoy some tangible gains.