You probably already know that business costs are just as important to pay attention to as business revenue. That’s because controlling and reducing costs will have a big impact on your overall profit margin, which in turn means that the less you’re spending, the more you’ll be making.
Of course, some expenses are simply unavoidable. A perfect example of this is the travel expenses of your sales reps and other on the go employees. While they need to be able to turn in an expenses report in order to do their job, many companies spend too much money on the process of accepting an expense claim form and managing it. That’s why going to an online expense management program is a better option.
Using expense management automation programs to handle your company’s travel expenses can greatly reduce costs by simplifying the entire process. Every step of expense reporting is covered in systems like ExpensePoint, and you’ll notice a difference quickly. Here are some of the ways it can lower costs for your business.
• The big way it will eliminate the costs of process travel expenses is simply through the increase in productivity. Every step of expense management involves effort from you and your employees. Your on the go workers have to keep track of receipts, fill out long forms, and more. Your payroll department or managers have to accept those receipts, review the information, approve or deny them, double check to make sure that information is accurate, and then file the data. All of that means that they’re not focusing on other tasks in your company that could be boosting your revenue. When you automate, you’ll increase productivity and increase profit.
• Errors are reduced through automation as well, and that can help reduce overall costs in a significant way. Instead of having to worry about fines and fees associated with your expense reporting, you’ll know that your information is accurate.
• Issues like incorrectly figured sales taxes or improperly converted foreign currency can actually cost you big. With good automation software like ExpensePoint you’ll be able to get the most accurate calculations and ensure you’re not spending a penny more than you should.
• Finally, you’ll be able to use ExpensePoint to call up detailed reports of your company’s spending. This means that you can quickly pinpoint departments or individual employees who may be spending a bit too much while on the go. With automation, it’s easy to see where your money is going, tighten up your policies and controls, and get a better handle on your expense spending in a significant way.
There’s no question that your employee expense accounts are important to them and to your business. But simplifying the way you manage those accounts could eliminate one of the most costly processes from your business.