Your business needs all the advantages that you can give it, and that extends to every aspect of its operation. A perfect example of one business aspect that is often ignored is that of employee expenses. Chances are good that your company currently relies on accounting packages like QuickBooks to keep track of employee expenses. And while using a standard expense report sheet or expense report template to keep track of expenses can certainly seem like the best option out there, integrating an automated program like ExpensePoint with your current travel expense reports system could make an even bigger difference.
The term ‘automation’ comes up a lot these days when talking about any expense reporting program, and with good reason. Today’s online expenses systems utilise automation to one degree or another to add a layer of simplicity to the process. Consider the life cycle of expense reporting:
• An employee makes a purchase that is business related, whether it is a meal or a hotel room.
• They make a note of the expense, saving the receipt for later use
• This continues until the end of the business trip
• At the trip’s end or at the end of a quarter, you review all expenses and approve or deny them
• The employee is either reimbursed – if their own money was spent – or the expenses are paid accordingly – if a company account is charged
• Records are kept for a period of years in the event of taxes or compliance issues
It’s a fairly straightforward process, but one that isn’t without its share of hassles and headaches. A single lost receipt, misfiled document, or inaccurately totaled sum could lead to big issues. And that’s not even counting the fact that the older methods of tracking expenses led to serious difficulties in managing overall expenses and keeping track of who spent what – overages were common, and still are.
An automated system eliminates many of these issues. With a solid system in place, receipts are scanned or photographed and automatically stored on the server in the appropriate folder. Managers can review, approve, and deny expenses as they occur and the documentation and records are all stored in easy to access files on the server to eliminate hassle, headache, and confusion. And with multiple analysis reports available, it’s easy to keep a close eye on spending and determine if a strategy needs to be modified.
Automation in your employee expense reports could have a huge impact on your business. It’s an upgrade that is well worth making.