When businesses start researching the different ways that they can help their company grow and improve, one thing that’s often overlooked is their expense report software. Today’s programs are filled with a wide range of features that can have a tremendous impact on your company’s performance and its bottom line.
If you’re not convinced, it’s worth taking a quick look at the key expense report program features and how they influence your profits. Here are some of the main ones.
- Mobile Access – Mobile access provides more flexibility for when your team can access the system and allows them to instantly access it. That means that you get more accurate reporting and improved productivity from your team on the road – and your team in the office.
- Receipt Imaging – An offshoot of mobile access, this feature makes it simpler for your travelling employees to keep track of expenses and upload them as needed. That translates into better accuracy and less fraud – two things that can directly boost your profits.
- Credit Card Integration – By linking up your credit card account with the system you’ll be able to reduce the number of steps needed to process each expense. In doing so, you reduce the overall chance of errors and speed up the manner in which your team handles expenses. This can help improve your profits by boosting productivity and making sure your company doesn’t pay for things you don’t really need to pay for.
- Automatic Currency Conversion – For companies that do business overseas or across national borders, being able to convert currency quickly and accurately is important. Good expense report programs will handle this automatically and help you avoid the chance of mistakes that can cost you a lot.
Reviewing the benefits above you’ll notice two key things at play – improving productivity and reducing errors. These are the main ways that a good expense report program can help your company’s profits. When your team is able to speed up expense management and focus instead on other aspects of work, and when you avoid paying out for expenses that aren’t really valid, you will see a big boost in profits.
Add in the fact that all of the improved accuracy means you’ll be more compliant and avoid the fees and penalties that can come with noncompliance, and it becomes clear that finding a good expense report program is an instrumental part of boosting your company’s profits and taking it into the future. Review the features your program offers and make sure it’s doing everything it should for you.