The simpler a business operates, the better. By improving the overall level of simplicity in every aspect of your company, you’ll be providing yourself with less stress, less hassle, and – eventually – an improved bottom line. One aspect of business operations that deserves a closer look when deciding to streamline processes is that of expense reporting. While it seems like a pretty straightforward process, a quick rundown of how streamlining can be achieved and what benefits doing so offers should help you see why investing in an automated expense report program like ExpensePoint is such a good idea.
For starters, consider the steps involved in standard expense reporting.
1. Employee makes a purchase while on the go
2. They maintain receipts and make a note of the purchase
3. When the trip is finished, they file an expense claim
4. You review and then approve or deny the expenses on the expense spreadsheet
5. You pay the expense as reported
6. You then file the report for an extended period of time for compliance reasons
Those six steps seem straightforward enough, but there are plenty of factors that can cause some serious headaches including the following.
• A lost receipt means that an expense report isn’t fully accurate, which means that an expense isn’t necessarily reimbursed
• Your totals and an employee’s totals don’t match
• Your payroll department has to spend extra time reviewing and filing the information submitted to them
• Foreign currency exchange rates aren’t accounted for properly and cause different issues to arise
• Taxes aren’t properly figured on certain expense, leading to an audit
• Lost files lead to an inability to show all expenses
• Your employees overspend, and you aren’t capable of adequately and quickly reviewing the information you have to determine just what kind of spending issues you need to address
All of these things and more can come as a result of complex, archaic methods of travel expense management. That’s why today’s expense programs are so valuable. They actually streamline the entire process, eliminate many of the mistakes and issues, and simplify the process in a big way. You and your employees don’t have to spend hours trying to manage the expenses, all files are kept digitally, there are no mountains of paperwork and folders filled with receipts, and more. In short, it helps boost your company’s productivity and reduce errors.
If you’re looking for a way to improve your business and your expenses, you owe it to yourself to take a closer look at what expense claim software can do. The results may very well surprise you.