There are a few steps that you can take to help streamline the expense reporting process for your employees. Expense report processing is vital to your business. An inefficient process can cause complications, and cost you time and money. What can you do to help streamline the expense reporting process?
Make The Process Simple
This may seem obvious, but you should strive to make the expense process straightforward. The easier the process is, the fewer mistakes there will be when implemented by your employees. The approval and reimbursement process should be transparent. Employees also need to understand how they should book travel, what expenses are allowed, and at what rates they will be approved.
By soliciting the opinions of those that would be using the expense reporting process, you will encourage greater buy-in. Employees who are affected by the policies can use their first-hand knowledge to help identify potential problems and suggest solutions.
Automate The Process
Companies that use an automated expense reporting system spend 27 percent less than those that use a paper-based system. Automation can also eliminate the hassle of lost receipts and mileage logs, and removes the risk of incomplete or inaccurate reports. Reports can also be submitted quicker when they are automated. Software can also set parameters and limits for employees, in addition to reminding them of deadlines. Finally, automating the process can allow integration between online purchasing systems, invoice management and reporting.
Always Make Improvements
Expense reporting is always evolving. There are always new apps and processes that could help improve the way you conduct your expense reporting. Client and employee feedback will help ensure the process is running smoothly, while allowing you to spot areas that need improvement.