Improving the efficiency of a process, by eliminating unnecessary steps, and human intervention, is never a bad thing. Streamlining processes for expense reports can be valuable commodities, ones which can prevent fraudulent activity, increase productivity, and just simply make life easier. These processes can be intimidating to business owners, but they are a necessity to be successful.
The largest cause of concern, when dealing with expense reports, is human error. This can be caused by miscalculations, lost receipts, or incorrectly inputted data. Regardless of the reason, human error is unacceptable, on any level. Incorporating streamlining processes into your expense reports can help you to avoid these errors.
Benefits Of Streamlining Your Expense Reports
Your company will reap the benefits of receiving information accurately, and quickly. Employees will be able to have expenses accepted, or denied at a faster rate, which allows work to remain constant. Having the ability to accept an expense, at the tip of your finger, is a modern convenience that many owners can not do without. Employees will not have to “guestimate”, due to lost receipts, and you will be able to understand exactly where the company’s money is going.
Incorporating credit card integration, into your expense reports, is a streamlining process that goes above and beyond. Credit cards transactions have long been an enemy to business owners. By the time the statement is reviewed, the damage has already been done. Employees could have committed fraud over a month ago, and by waiting for your credit card statement through snail mail, the fraud may accidentally get overlooked.
By integrating credit cards into your expense report, you gain access to all purchases, made by your employees. This prevents fraudulent charges, makes sure that policies are followed, and allows the money to be spent on actual business expenses. This is one of the most significant streamlining processes, when dealing with expense reports.
Receipt imaging provides your business with a tool to avoid lost receipts. Employees can simply, and easily, upload receipts, which makes the need for paper copies obsolete. Receipts can be uploaded on many mobile devices, as well as scanners and laptops. These streamlining processes will help your company avoid unwanted fraudulent claims, as well as keep your accounting department functioning, like a well oiled machine.