Expense reports are a necessity for many businesses, and for those that manually process expense reports, a necessity that also involves additional expenses. On average, the cost to manually process an expense report is around $20 per report, with some companies spending much more. Expense report automation cuts quite a bit of the error, legwork, and manual processing steps, allowing expense reports to be processed accurately and quickly regardless of the number of travelling employees a company has.
Manually, expense report processing goes through several channels, and if errors are found in the reports, the process starts all over again. According to the GBTA, or the Global Business Travel Association, around 19% of expense reports include errors on average, resulting in around 18 minutes spent to correct the reports. In business, time is money, and this time is extra money lost in the manual reporting process. In regard to errors, expense report automation reduces the chance of errors, and ensures that all reports are in compliance with business, local, and national policies.
So, what is expense report automation? It’s the use of software to streamline company expense reporting processes. The software automates and takes care of large parts of expense reporting and reimbursement, saving quite a great deal of work and eliminating human error in the process. Rather than going back and spending that additional 18 minutes on fixing each of the 19% of expense reports with errors, expense reports will be accurate and ready for processing and reimbursement the first time.
By cutting down on the work load of manually processing expense reports, the 20 minutes used to process each accurate report on average can be spent on completing other projects and better streamlining the work day. Expense report automation frees up a significant chunk of time that would otherwise be spent on each report by taking out the manual process and replacing it with a simple software solution.
Expense report automation can be the solution companies are looking for in terms of saving a bottom line and getting things done in an accurate and quick way. By taking out human error, fraud risk, and a large portion of the manual work, modern expense reporting has never been easier.