The financial information of a company is important for a company’s history as well as its continued legal compliance with the IRS and other financial laws. Accurate information can mean the difference between an easy relationship with the law and audits, examinations or other difficulties.
But financial information is also important for making decisions within the company itself. After all, the only way to make an intelligent decision about the direction and actions of a company for the future is with an accurate assessment of resources and spending. The staff of the financial department is a critical part of that equation, and their continued efficiency and ability to process and maintain accurate records is crucial.
This is why, when it comes to expense reports, you don’t want an important part of your company to get waylaid or slowed down by an important, but often tedious activity.
Your Finance Department Are Not Babysitters
One of the biggest problems with the traditional forms or spreadsheet methods of expense report filing is just how much of a burden this places on your financial staff to chase employees. The employees themselves have a responsibility fill out these forms and submit them at the end of a business trip, but, to be fair, they have many other expected responsibilities they need to meet once a trip is done.
However, for things to get done in a timely manner for your financial department, they need to ensure their deadlines for these reports are met and thus need to chase after employees to get them to submit their reports. If those reports are filled out incompletely or poorly, this merely slows things down as your staff attempts to “fill in the blanks.”
The ExpensePoint Difference
With dedicated expense reporting software like ExpensePoint, a lot of this unnecessary chasing and filing can be eliminated. Employees can fill out an expense report as they go, using an app on their phone. They don’t even need to produce receipts any longer as the camera on the phone can take a photo. Once a purchase has been filed, it is automatically uploaded to a central, online source, where your staff can check, process and verify the claim.
In this way, it’s possible for your staff to look at and process an expense report as a “live document,” as it happens over the course of a trip, and actually have the report filed, processed, approved and complete at the same time that an employee completes a trip. No need for the employee to take extra time filling a report from start to finish at the end of a trip, and no need for the finance department or management to make multiple copies of reports, process and pass them onwards and upwards. Everyone can access the report online, and it can even be stored that way, to save physical storage space.
This frees up a lot of time for your financial department and makes them more effective at the important day-to-day operations they need to manage to keep your company active and financially healthy.