The old adage “time is money” is a fundamental lesson of business. It simply means that the more time something takes the do, the more money—or potential profit—is squandered that could have been put to use elsewhere.
Business in the 21st century has been all about refinement in this regard. The old lessons of business still apply, but people have been trying to find faster and faster ways to get things done. The entrance of digital and online technology into business has been a profound influence in these efforts, with even the humble process of filing expense reports benefiting from a software and cloud-based overhaul.
With the right expense report software, the ability to file expense reports isn’t just faster for employees, and it’s not just faster for the financial departments that must review and approve reports. Properly implemented, the reports can make tedious but necessary financial monitoring much easier for everyone. Being able to access ongoing financial reports prevents a bottleneck of work from piling up as soon as traveling employees return and submit reports. Having access to both online and offline versions of the reports makes financial analysis for an entire company’s expenditures easier for everyone including management. This has an overall effect on the way the company moves and works, saving not just money, but making more intensive, detail-oriented activities like financial tracking much easier to do, encouraging people to be more accurate and attentive. A standardised system also ensures compliance and the automated nature of logging transactions keeps accuracy to a maximum and reduces the potential for abuse.
The overall benefit is that not just time or money is saved, but a better way to work is enjoyed everyone at surprisingly different levels of company operation. Honesty, accountability and an increased capacity to make more informed decisions about financial activities are all additional benefits of properly using expense report software.