Today’s challenging corporate environment often requires that professionals travel more often to expand and enhance business operations. The push for efficiency necessitates that these traveling professionals be more cost-productive without sacrificing accuracy, compliance, or results. Because of this, financial process automation is becoming a necessity for efficient corporate travel, as is the ability to access that automation on the go, making mobile functionality a requirement for maintaining competitive advantage. This need is especially visible in the area of expense reporting, when corporate travelers must organize and record receipts for all their business spend. Expense report software, with its mobile integration and intuitive features, allows traveling employees to rid themselves of inefficient and outdated expense spreadsheets and receipt handling. What they get in return is speed, productivity, and simplicity.
With so much spent on travel operations, it is important that organizations manage the expense reporting process efficiently and thoroughly. However, many organizations reported several problems in their expense report procedure. Obstacles included problems with manual data entry, inefficient processes, and poor visibility. Manual systems also lack transparency into organizations’ processes. It is important that accounts payable departments be aware of their current cost per expense report in order to identify needs for improvement. However, most organizations do not measure their costs at all. Even when costs are measured, many organizations find them to be unnecessarily high. In 2014, the average cost of a manually processed expense report was $23.12. In 2015, the average cost is $26.60, quite high compared to the average cost of $6.85 per report with a fully automated solution. These costs place heavy burdens on organizations processing hundreds of thousands of expense reports each year.
As a business owner, making certain tedious tasks easy, quick, and painless can help boost the attitude of your employees and work environment. Rather than keeping track of expense reports manually, which costs an unnecessarily high amount of money and can put you at risk of losing valuable pieces of paper, you can transition over to an automated software. These types of software are accurate and detailed, which is essential for this aspect of business financials. It also make everyone’s life a lot easier. These automated expense report softwares are definitely worth checking out.