Unfortunately, a lot of companies, while recognizing the importance and value of reporting expenses for their company financials, often leave this task to jury-rigged solutions that have been brewed up within the company in order to keep things orderly. That’s not to say that these methods, such as traditional forms, or even using some kind of data-related software such as a spreadsheet don’t work. They do work. In the case of forms, this is a method that has been used for centuries of business, while software packages like Microsoft Excel have been a standby for decades.
However, the big issue with both of these methods is that they are not specifically designed for the task of expense reporting. In the same way that a general solution can be functional for what you need it to do, a specialized solution can provide an unexpected level of convenience, efficiency and speed.
And that’s what you get when you use dedicated expense reporting software, rather than just a generic workaround.
Traditional paper methods may seem like cost saving practices in the early goings of a company when there are fewer employees to keep track of, but as success comes and numbers grow, this becomes more cumbersome and difficult to manage. Paper requires a lot of resource and, more importantly, it requires a lot of time. For EVERYONE.
For the employee, time has to be taken up at the end of a business trip to fill a form, produce receipts, and send that form off. For financial staff, time needs to be taken chasing employees for these forms, making multiple copies and processing them. Even after all that is done, often processed forms need to be viewed, approved, submitted and then stored somewhere as part of the financial records of the company.
Using a spreadsheet isn’t much better.
A spreadsheet was meant simply to display information of all kinds, and provide some minor assistance in the form of storing formulas. So while it’s certainly possible to create a spreadsheet document for employees to use and have them fill it out, this is STILL slow, tedious, and doesn’t take appreciably less time than a form, especially if receipts still need to be produced anyway.
The Specialist Difference
With dedicated expense report software, like ExpensePoint, every aspect of a company’s need for expense reports has been designed, from the ground up, to be as quick, easy and accessible as possible. Not just for the people filling out the reports, but for the financial and accounting staff that need to process this information.
By making expense report software something that “lives” both on a device and on the Internet, users can fill out reports as they work and travel. With every meal or entertainment expense, a receipt can be photographed on the spot, no need to fill out a report at the end of the day or end of a trip, it’s a “live” report that lives online. This also means staff at home can look at the report as it happens, and process even before an employee returns. This is a MUCH faster, more efficient way to do things.