Expense reports have been a key part of most companies for years. Whenever you have to send your employees out on the road for any business related issue, you’ll likely be covering their expenses. Whether you do so with a company credit card or a basic expense reporting process, it’s in your best interests to move into the future and forget about manual reporting methods. They’re quickly becoming a thing of the past, and with good reason.
Simply put, using the old pen and paper method of filling out, reviewing, approving, and filing expense reports isn’t as good as using today’s software programs. It can be hard to move out of the past, but if you look at the reasons you should do so you’ll see why so many other businesses are moving to the future.
- Human Error – We all make mistakes, and whether it’s your employee or you, those mistakes can lead to a huge amount of confusion and even to over or underpayment on expenses. Mistakes can also lead to huge compliance issues which in turn could lead to fines, fees, and more. In other words, reducing errors is a must and it’s much easier to do so when you use today’s software solutions for expense reporting.
- Fraud – Sometimes, people just aren’t as honest as you think. Just look at recent criminal penalties levied against Senators Patrick Brazeau and Mac Harb and you’ll see that this is true. Using software programs can help dissuade fraud from occurring, make it much more difficult to get away with fraud, and help you identify it easily. Manual methods of reporting make this much harder to do.
- Productivity – Handling expense reports manually can take up a tremendous amount of time. And every minute spent on them is time your team could be working on improving your bottom line. Speeding up the process is important, and it’s impossible if you are still using manual expense reporting methods.
- Recordkeeping – Think about how you file all those reports. With paper systems, you’re filling up storage boxes or filing cabinets with receipts, forms, and folders. If you need to access the information again, it can be a hassle just to find it. When you move away from the pen and paper method of managing reports, you make it much easier to handle your recordkeeping.
Expense reports are important for your company, but you don’t have to handle them the old fashioned way. Today’s computer programs make it much easier to do.