For some businesses, the use of computer technology started in the 1980s with the debut of these machines in the workplace, and, unfortunately, stayed there. This can be seen in the way that some companies file their expense reports, making the leap from traditional forms to filling out a spreadsheet on a computer.
And while at least making the jump to the digital era is a good start, in the 21st century, computer technology doesn’t just stop with typing information onto a program and saving it to print or email later. There are better alternatives today, and spreadsheets, while functional, are hardly ideal.
The Wrong Tool For The Wrong Activity
Spreadsheets were originally conceived to help businesses do one thing; organize information and quickly make calculations. Spreadsheets help with preserving and clarifying certain kinds of numerical data, but that’s where their usefulness ends. Expense reports on the other hand, have multiple purposes today. They are a record of employee spending while traveling, they are data that represents a company’s effectiveness and efficiency in spending, and they are a part of a company’s overall financial health. Because of this, an expense report actually fulfills many roles, and confining it to a spreadsheet severely limits how and when that information can be used.
New expense report software, like ExpensePoint, realizes the true potential of expense report data. In addition to making the activity of reporting expenses easier and faster for employees, it makes the verification, approval and access of this information faster and easier for finance, accounting and management. All information is centrally stored online, and it can be pulled out, organized, compared and collated to give better data management and data visibility options.
Spreadsheets cannot monitor and automatically log company credit card transactions, but ExpensePoint can.
Spreadsheets cannot flag an expense as noncompliant and alert the relevant staff to conduct an investigation to see if simple error or fraud has occurred, but ExpensePoint can. Spreadsheets cannot furnish proof of purchase for a transaction with an image of the receipt to verify the authenticity of the purchase. Instead, a spreadsheet needs either the receipt itself or a photocopy or other image be attached to the spreadsheet to be processed. ExpensPoint uses image receipt capture to do the same thing as soon as a purchase is made.
If you’re using a spreadsheet, you’re using a tool that works, but it doesn’t work well. ExpensePoint has created expressly for this purpose and works better, faster and more efficiently than the spreadsheet method.