One thing that expense reports do is tie up a certain time for employees after they have returned from a trip. They need to compile all the receipts, write up the report from scratch, and then provide the proof of expenditures either through submitting the actual receipts or reproducing them via photocopy or scan.
But it’s not just the employees that find traditional expense report systems cumbersome, it affects the productivity of the financial department too. This is especially true for companies that have offices in different parts of the world, working under different time zones, currencies and even slightly different expense reporting systems more compatible with the region they are in. Throw in the bottleneck of only being able to review, process and approve reports once an employee is finished and it’s obvious that the amount of administration required to faithfully and accurately keep track of travel expenses can just as daunting for the finance and administration staff as it is for the people who travel.
Expense report software is one major way to speed up this process. By making an online enabled software solution, employees can fill out the report far more easily, and they can do it as they make purchases rather than wait until the trip is over. Because the information can be directly uploaded into the cloud, financial departments back at the home office can monitor, review and process expenditures right away, and reports from multiple employees can be consolidated and configured, regardless of whether they are on the same trip or on different ones. This gives financial staff much more flexibility and accuracy in monitoring expense reports, and because all the information is consolidated, it’s easy to draw up past reports and make comparisons on previous data for accounting and yearly financial purposes.
Keeping track of expense reports is never going to be fun. But good expense report software can stop it from being difficult. And that helps your finance department in a variety of ways.