Although there are many factors that can contribute to troubles in managing expenses, businesses of all sizes do strive to create a stronger process for overseeing and balancing funds. In many cases, employee reimbursements for travel expenses create the greatest challenges in monitoring, but other areas of the company could also be contributing to drain.
The use of online expense reporting has become increasingly popular, as it offers many benefits in different areas of the company budget. In looking at the application of online expense reporting, it also becomes apparent that there are a variety of areas where this technology can be beneficial.
Actual Online Expense Reporting
For many employees and managers, the ease of creating expense reports through the program has a positive impact on productivity. The systems are easy to learn to use, and client support is a viable option in initial training.
Part of the ease in working with online expense reporting is that integration and organization are a factor of the program. This includes account and credit card integration, which can allow managers to quickly pull receipts on the statements for these accounts. Digital receipt management also contributes to this factor, as mobile capture or uploaded drag and drop information is readily available to view, but is also automatically designated to online expense reporting entries.
This is also a feature in smart categorization, which online expense account reporting will do automatically. This means that categories and accounts are assigned based on past information. As a result, managers can immediately see trends in spending. However, automation also makes employee reimbursement a faster process, especially when payroll, accounts, and online expense reporting are all linked.
A final factor in considering budget reports and areas of drain is actually an often overlooked issue that can lead to future woes. With online expense reporting, currency conversions are figures into the expense report entries. This also means that issues such as lost tax or errors in conversions are not a problem. However, for many businesses, this challenge can become a larger concern.
Lost funds through unclaimed taxes and miscalculation of currency are a large contributor to budget drain. This is greatly due to the fact that the loss of funds is not realized until the end of the fiscal year, and also because what may seem like small oversights quickly add up to money that is owed rather than gained.
Online expense reporting can address a vast number of expense issues that companies face. Further, integration features are flexible enough to allow for strong scalability based on company size and growth. Overall online expense reporting can create an ease of process, and a stronger control over the budget itself.