As your company grows, your expenses increase, and it can be difficult to maintain control of the expense report approval process. It becomes necessary to articulate and enforce policies to control costs such as the use of preferred vendors, expense limits, and strict documentation requirements.
You can write these policies down, but keeping track of all the different policies becomes a difficult task in itself. Approvers are not likely to remember all of the policies off of the top of their heads. The approval process becomes bogged down as approvers reference written policies each time they review an expense report.
As the volume of expense reports increase, accountants and financial staff spend more and more time keying expense information into spreadsheets and have less time to organize and analyze the data in a way that can help the business reduce operating costs.
Using Automation to Streamline Workflow
With automated expense report software, you can set policy-based requirements for expense reports submitted by your employees. The software will automatically flag instances of policy violations, making it easier and faster for approvers to approve or decline expenses.
For example, if an employee submitted an expense report for a car rental from Hertz, but your preferred vendor for car rentals is Enterprise, the software would recognize this as a policy violation and flag it for the approver.
The approver also saves time by approving or denying the expense from directly within the software environment. The software notifies the employee that filed the expense report, and the approver does not have to waste time tracking the employee down, or writing lengthy emails.
Automated expense reports software also obviates the need for accountants or financial staff to waste valuable time manually keying in information from paper expense reports to spreadsheets or databases. The data from the expert reports can be exported in a variety of standard formats quickly and easily. Your accounting and financial professionals can do what you actually pay them to do—provide high-level professional services.
The accounting acumen and financial analytics provided by your professionals will parley into further cost savings as you translate their insights into further cost-cutting business strategies.
By some estimates, manual expense reports cost over three time more to process than fully automated expense reports. By streamlining workflow with automated expense report software, you can save your business a lot of time and money that you can invest into continued growth.