How many hours does your enterprise spend on financial analysis each and every year? You can get a basic idea of this by looking at the number of employees in your finance organisation and the number of hours they work each year.
However, we all know that things are a bit more complicated than that!
To estimate the work hours involved in the finance side of your enterprise, you would also have to look at every employee who submits expense reports. How long does it take them to gather their various expenses for reimbursement? How long does it take them to evaluate and ensure that they are in compliance with the rules, only to have your team do the same all over again?
When it comes to financial analysis, automation is fast becoming the watchword of the 21st century. Through efficient automation, it becomes possible to make a multi-hour process take only a few minutes.
Automation has always been a factor in modern business, but with the advent of cloud networks, it has started to really take off. When it comes to travel expense reports and more, ExpensePoint is the industry leader in implementing automation.
Software As A Service Saves Thousands Of Hours On Crucial, Yet Error-Prone Tasks
Automation is not just fast and efficient, it also makes sense from the security standpoint. Let’s look at some of the most important advantages that automation provides to businesses that really embrace it.
Rules-based, software-driven automation is capable of all this and more:
— Cutting down on the number of “human operator error” mistakes in financial documents.
— Reducing the need for financial documents to be amended due to those mistakes above.
— Giving senior analysts, evaluators, and auditors the ability to review expense reports fast.
— Providing you with the power to ensure regulatory compliance and manage due diligence.
— Giving stakeholders and shareholders greater confidence in fiscal and financial policies.
All of these advantages can be captured by doing things the “old-fashioned way,” but it comes at an opportunity cost of thousands of hours – the equivalent of five full-time employees or more.
As businesses grow and engage in global commerce, these advantages are compounded – as are the disadvantages if you haven’t implemented automation.
For business in Canada and worldwide, ExpensePoint is the industry leader in automating expense reports and many other functions. Look at your organisation and you’re bound to find ways automation can help.