Everyday, new technology comes out that changes the way we as humans do various tasks. We now have apps for car services, laundry, and grocery shopping. These technological advances have also been applied in the business world. A.I. programs are being developed to help schedule meetings and automated expense report software has been developed to avoid headaches with finances. However, it may come to a surprise that a good portion of companies today are still manually processing travel and entertainment expenses.
Consider The Benefits
If you’re one of these business owners, consider implementing automated expense report software into your business. One of these programs into your business will be cost-effective, more efficient, and save you time to do other important corporate matters.
- Keep Track Of Finances Easier And Save Money: According to a study done in 2013, companies spend approximately $20.18 to process an expense report manually. On the contrary, the same report stated that companies that have fully automated and integrated systems only paid $7.60 for each expense report. That is a 62% decrease! With automated expense report software, you and your managers can easily track, review and analyze data to help you see where purchases are being made. If your employees are constantly using the same hotel chain to stay in during business trips, you are in a strong position to negotiate some sort of deal with the hotel company.
- Easily Create And Enforce Policy Issues: Automated software allows you to make sure your employees are following all of the rules. Most of these platforms come programmed with standard reporting policies. However, most these programs allow you to customize features in order to reflect your specific policies. With this in mind, when employees enter expense items that are out of range or prohibited altogether, the expense report software will automatically reject those purchases. Since it’s impossible to monitor employee activity as a fellow human being, let the automated software take care of those worries for you!
- Free Up Time And Avoid Headaches: Having to manually review and process expense documentation can become a full-time in itself. Usually, the people doing this job can be more worthwhile in another part of the company. However, they are stuck in mounds of paperwork, and their valuable time is lost on such a tedious task. This is such a big reason why companies have decided to try out expense report software! The program does all that work for you! Now, you and your employee’s time is spent managing projects, coaching new employees, and building better client relationships. All in all, you’ll be able to dedicate your time to greater things.
With all that being said, are you ready to make the switch? Many companies have utilized expense report software, and because of it, they are operating much smoother in today’s world. Don’t be left behind. Consider expense report software for your business.