If your company is growing in this economic climate, congratulations! It’s not easy to manage growth at a time when investment capital is pulling back on the reigns. But growth presents its own set of new problems for you to solve. Among these are an outdated expense reporting system.
Manually printing out and filing paper expense reports may have worked for your company when it was a close knit office of 30 or 40 people, but now that you’re spread out over multiple locations with a larger head count, it may be holding your company back from even faster growth.
With manual reporting across multiple locations, expense reports and receipts can get lost in transit to your accounting department. More importantly, the time and money it takes for documents to make their way to and from your accounting department adds to transaction costs for your business and slows down reimbursement rates, creating financial problems for your employees.
Streamline Your Business With Automated Expense Reports
Fully automated expense reports have the following benefits:
- Time Savings – Without manual reports to print and fill out, your employees waste less time dealing with expense reports and spend more time doing the job you’ve hired them to do.
- Better Analytics – With automated systems, relevant data becomes available for analysis as soon as an expense report is filed. There’s no need to wait for days, weeks, or even months on data entry.
- Lower Costs – Automating expense reports instantly cuts costs on postage, data entry, and office supplies.
- Compatibility – With all your locations using the same system on a web-based platform, it is easier for different departments to coordinate procedures and protocols, provide the accounting department with all the relevant information the first time around, and to avoid time-consuming errors.
- Accountability – Automated expense reporting software can instantly detect duplicate or out of policy charges, making sure that your business is not wasting money on fraudulent or improper expenses.
If your business is growing quickly, you want to focus on the core of what you offer to your customers, not on scaling up tangential internal systems. With automated expense reports, your business won’t be held back by inefficiencies in your expense reports. More importantly, the time and cost savings provided by automated expense reports can be poured back into your business, to help it grow even faster.