What if we can offer you a way to increase efficiency and productivity, lower costs, and improve control over your business expenses? That’s what we’re here to explore: The perfect alternative to Spreadsheet Reporting.
If you’re reading this article, there’s a good chance that your employees are still using spreadsheets for capturing and submitting process. Well, you’re not alone – about 8 out of 10 companies are in the same boat. The prevalent mindset is “We’ve always done it this way.” This sort of thinking is the bane of innovation, progress, and embracing more convenient solutions.
And yes, there are better alternatives to manually reporting expenses using spreadsheets. Let’s explore the issues with spreadsheet expense reporting and how automated solutions can help.
5 Reasons why you should stop using spreadsheets.
1. Negative Impact on Efficiency and Productivity
It is staggering to think that companies and employees have been okay with countless hours spent on manually filing expense reports, printing them out, collecting and attaching receipts – instead of looking for a solution that ensures the employee can spend the maximum amount of time on doing the job he was hired for. That’s what automated expense reporting offers you. Improving efficiency is the name of the game here.
2. Long and Arduous Workflows
After an employee submits his expense claims he needs to wait till his manager can make enough time to thoroughly review and approve the report, after which the finance team has to process the report, and finally after days of waiting, he gets reimbursed.
With automated solutions, a manager can view and approve things on-the-go, in a matter of minutes, after which the finance teams can process and close the report. In case the expense is non-compliant with company policies, he can instantly reject it, and add a comment to notify the employee.
3. Inaccuracies Abound
One of the things that make us human is that all of us make mistakes. With the number of transactions that take place, there is a high chance of errors occurring in manually reporting expenses. From missing receipts, to misappropriating expenses into wrong categories, to basic numerical errors, errors are almost guaranteed, and yet people persist with this method.
On the other hand, with an automated solution, it automatically captures the expense, that just needs to be categorized, and a simple photo of the receipt ensures that you have an error proof record of the expense, ensuring 100% accuracy in expense reporting.
4. Lack of Mobile Accessibility
Gone or the days when you could make do with just a desktop for all your business needs. Everybody needs to have mobile access in order to perform their tasks efficiently. So, what exactly exempts expense reporting from this? Spreadsheets don’t provide the option for mobile expense reporting, thereby ensuring a huge waste of time and energy for employees. Mobile expense reporting allows you to just take a photo of a receipt and submit it digitally, thereby expediting the process considerably. Managers can just use their phones to review and approve these expenses without ever having to break stride from their daily schedule.
5. Limited Visibility and Control:
With spreadsheet reporting, the manager gets minimal visibility into business expenditure, and it is always after the expense has been incurred, rather than real time. And, there is still the issue of sorting through a stack of receipts and reports to find the required data.
With automated solutions you have a real time visibility into the expenses as and when they happen as well as a digital record of these expenses that make them extremely easy to track and review. There is unprecedented control available to business owners and managers to track their expenses.
Here at Happay, we are committed to providing the best Automated Expense Reporting Solution for your company, so go ahead and schedule a call with one of our product experts.
What if we can offer you a way to increase efficiency and productivity, lower costs, and improve control over your business expenses? That’s what we’re here to explore