When a business owner considers upgrading to automated expense report software, the obvious, upfront benefits are to management. It’s faster, more efficient, more accurate, and thus it saves time and money for accounting and tracking financial activities. But expense report software doesn’t just benefit employers, there are clear gains for employees too.
Less Time, More Money
For the people that use automated expense report software, two major advantages make themselves known very quickly. The first is that using software like ExpensePoint makes it possible to file individual expenses as they happen, with either a receipt imaging system to get photographic proof of receipts, or, in the case of company credit cards, automatic transaction logs, so the employee doesn’t even have to file an expense in the first place.
Because expenses can be filed so quickly and accurately, it makes it easier for individual expenses to be processed faster. And that means that employees themselves can be reimbursed faster when they use their own funds to make work-related purchases. That’s a big advantage for any employee, since no one really enjoys spending their own money and then waiting on the company to finally decide their expenses were authentic before reissuing to them the money they spent.
In studies with companies that use automated expense report software like ExpensePoint, it was found that 88% of the companies that use this type of system reimburse their employees in 12 days or less. Of that figure, 63% managed to reimburse employees in seven days or less. That’s an extremely efficient rate of return that many employees will appreciate.
All it takes is a combination of efficient accounting combined with an efficient expense reporting system. When data is quickly and accurately logged and tracked, authorizing reimbursements becomes a fast, easy and simple process. And that benefits everyone.