Generally speaking, however, this kind of spending has a limited return on investment unless the entire enterprise commits to a long-term change that will make a difference.
Change is much more effective when it comes from inside rather than outside. Chief Information Officers and other senior leaders have tremendous latitude to generate change.
Expense report automation is one example of a key process that can be completely shortened, streamlined, and enhanced through technology-driven automation from within.
Expense Report Automation May Be A Gateway To Easier Compliance
It seems that the burden of compliance is rising throughout Canada and the United States with each passing year. A significant majority of senior executives surveyed reported that they have increased their investment in compliance and related issues.
Expense report automation can make compliance simpler on a number of levels:
— Automation means that the financial reporting cycle is shorter and faster.
— Automation typically means that relevant departments can be downsized.
— Automation is correlated with more secure, longer-lasting data storage.
— Automation helps to reduce human error and enhance issue prevention.
Automating key processes in one area of the business can create a virtuous cycle throughout the entire enterprise. However, it is important that the first steps toward full automation be taken in a careful and considered way.
What Does Your Ideal Expense Report Automation Solution Look Like?
If you are like most business decision-makers throughout North America, you are facing a situation where reporting continues to become more complex with time.
At the same time, there are transformative powers at work that are changing the technology landscape. Big data, cloud computing, and more will have a profound impact on business.
The opportunities involved in technology are becoming more pronounced, but so are the challenges. Any new software suite an enterprise adopts should help sustain simplicity. This is especially critical if your company is embracing “Bring Your Own Device.”
The ideal reporting solution is accessible from anywhere through any internet connection, with continuous data availability. Cloud-focused technologies should reduce both the cost of ownership and the maintenance involved.
When it comes to automation, you should see a return on investment that grows with time. To get that curve started in the right direction, an aggressive implementation strategy may be exactly what your business needs.