Expense Reporting Software Improves Company Workflow

Expense Reporting Software Improves Company Workflow

Expense Reporting Software Improves Company WorkflowEfforts to increase productivity and efficiency in the workplace are a constant concern for any business. Many times, the focus can be on individual dynamics, although process also plays a large part in how effectively people work. By introducing newer protocols for automation through expense reporting software, companies can greatly increase their productivity though a variety of factors, including work redundancy and employee morale.

 

Common Issues For Workflow

Although expense reporting software does have strong applications for managing travel expenses and reimbursements, is also allows administrative staff to have an easier method for managing general expenses. In regards to clients and vendors, invoicing can become a labor intensive process, and poor organization can also lead to the loss of funds if there is no follow up on payments.

With expense reporting software, the system facilitates all levels of client invoicing, to provide a seamless way of monitoring these expenses. The system can be set to both create and deliver invoices electronically, while also tracking payment due alerts. While this process alone can greatly improve working situations for administrative staff, it also lets managers see overview reports of expenses overall.

Expense reporting software can further streamline the process through the ability to accept electronic payments from clients. This creates a faster conversion for the company and also gives clients a greater ability to immediately submit payments. As a result, much of the redundancy is eliminated as the workflow shifts. Further, expense reporting software also generates specific reporting and integration with company systems allow for revenue to be appropriately allocated. This also reduces paper work and streamlines the process.

 

Management Concerns

Increased productivity can also be a top-down issue, but expense reporting software can facilitate the ease of manager approvals to allow for other staff to complete assignments. This includes features such as:

  • Standard integrations – expense reporting software can be set to integrate all or some of the company expenses with payroll, accounting, and other systems.
  • Ease of workflow – since expense reporting software can route timesheets, invoices, and expense reports to the proper channels, it also streamlines the ability to process and approve these forms.
  • Automated reminders – managers can flag specific expense reports or time sheets that have not been completed or questionable. The expense reporting software will set automated reminders regarding the issue.
  • Policy controls – by using expense reporting software, managers are also better able to monitor the finances. Further, the automated system creates a set of guidelines that employees and management can use to ensure compliance with policies.
  • Reports – managers can also customize filters for expense reporting software, and this allows for easy access to pertinent information. Further different expense report configurations can also show managers where there may be potential loss.
  • Conversions – expense report software give managers the ability to adjust transactions and do business with multiple currencies. Inclusions for recovered taxes and currency conversion are an automated process.
  • Performance and function – although expense reporting software does use online networks to transfer information, the program can also be used off-line, which lets managers work according to their own schedules. Further, support and service for expense reporting software provides assurance that the program performs as intended.