Excel sheets have been the lifeline of business travellers for decades now. Employees go on trips, conduct highly productive meetings, and return to the monotony of filling in their expenses and attaching bills. It seems a little too redundant for a fast moving technological world, doesn’t it? It comes as no surprise that companies are choosing to break their way out of the monotony to explore the world of automation. We have collated a list of reasons why you should consider automating your expenses, and now!
1. File expenses on the move
The world is moving to mobile & there’s no reason why your business shouldn’t. Let your employees add their business trip expenses, as and when they happen. Cut down the time spent on filling in excel sheets, this is a huge boost to employee productivity. In today’s digital age, mobile applications for managing business expenses are a plenty, and it’s about time they’re put to good use.
2. Implement policies, with minimal scrutiny
Your time is precious. Verifying company’s expense policies for hundreds of employees on a daily basis is simply not easy & not worth your time. Automated expense management solutions scan these policies for you, as and when an expense is added, keeping all your employees in check.
3. Improve workflows and save time
We know that It’s a common sight to spend hours and days waiting for your manager to come in, so that you can get your expenses for the month approved & we also know that you will rather be building business than just wait. With automation in place, the approval workflows can be built into the system, and managers can be notified as and when an employee submits his expense. The expenses can not only be submitted, but approved on the go, as well!
4. Cost effectiveness
Well, who doesn’t like to save? The transition from manual to automated expense reporting isn’t going to be hard on your company’s budgets, as opposed to the popularly held notions. Automated expense solutions usually charge companies on the number of users, and on subscription based models, giving you ample time to calculate the returns on your investment.
5. Alleviate tax violations
Automated reporting solutions help auto populate expenses made by employees on these solutions into expense claims, thus minimizing risk of tax violations. A report by the Aberdeen Group claims that companies feeding data from their corporate card supplier reduce their expenses processing costs by 25% and improve policy compliance by nearly 20%.
6. Data abundance
Effective business decisions are supported and driven by credible data from the company. Automated expense reporting solutions provide you with an abundance of data and trends on your company’s spends, by category, vertical etc.
Opening a new office brings with it a nightmare of processing that many more expense reports of employees. With expense report automation, scalability becomes a click away. You can add users and offices as and when necessary, and they can start reporting expenses rightaway.
Schedule a demo to know how automation can help your organization!