Many organizations still follow and maintain the traditional system for managing expenses. As a result, fraud and various inconsistencies often create too much trouble.
When employees return from a business trip and make any purchases, they should file their expenses and submit bills. It’s inefficient and obsolete for a fast-moving technological world.
Naturally, digitizing processes is a big step. New tech developments are introducing increasingly sophisticated automation.
Automating the expense management process will help to eliminate any problems businesses nowadays. Moreover, it can strengthen budget and financial forecast links to overall business strategy.
In this article, we will describe why you need to automate your expenses:
Works In Real-Time
Businesses must keep track of their money. Finance leaders’ common complaints are lack of visibility over company spending.
In fact, 57% of companies have this problem. Most companies have no insight into how their money is being managed.
An automated system can help companies and the finance team to analyze the transaction. The system allows us to look at real-time insight. Moreover, it adds a layer of visibility and transparency, which aids smooth functioning.
One of the biggest drawbacks of traditional reporting is the processing time. Due to the complex process of reimbursement, employees need to sit a little bit longer.
By automating some of the tasks, expense software allows for quick and efficient processing. Therefore, It also reduces the reimbursement time and ensures that tasks are completed in time.
Portable Expense Management
As we know, most corporate expenses occur during business trips, such as meals, hotels or car rentals. The traditional system that most companies implement makes us face-to-face with the finance team to make a claim.
Instead of keeping all of these receipts until returning to the office, having an automated system is a win-win solution for everyone. The employee simply takes a photo of a receipt and sends it directly to the system.
Moreover, the system also has various languages and currencies that can automatically calculate conversions. So, the purchases can be submitted for reimbursement before you even walk through the front door.
How Automation Can Save Your Time
Collecting receipts and filing expense reports under a manual system is time-consuming for employees. Therefore, time becomes one of the major reasons you should automate your expense reporting process.
According to the Concur-sponsored survey released by the GBTA Foundation in 2016, only 45% of businesses used an automated expense management process for business travel. That could explain why 68% of workers reported spending 30 minutes to 2 hours completing expenses.
Even when receipts and reports are turned in promptly, it takes time to review the requests and approve it. With automation, you save time handling and implementing expense reports in the various steps in the process.
Accuracy of data is the key to an efficient system that decreases the risk of fraud. According to the Global Business Travel Association in 2015, 19% of expense reports are filed incorrectly.
These errors can become a serious time drain for your teams. In addition, it assumes that you find these mistakes in the first place.
With expense tracking software, the system will avoid any incorrect data from the staff. Automation allows for comprehensive and straightforward audits that can be reported directly.
Speeds Up Approval And Reimbursement
Inefficient approval workflows come from reviewing each expense report. it passes tasks from one approver to another manually. The complex process leads to delay reimbursement.
In this case, you should reduce manual intervention with an expense system. Also, the systems can customize the approval workflows.
Once a report has approved, the task is automatically passed on to the next approver in line. Employees will get a notification once approved. At the end, the finance team can process it correctly.
Save Your Money In One Click
When a business uses manual processes in expense management, the valuable data is often exists as “hidden costs.”
Through automation, the finance team can see where every penny goes. less fraud and the bills are paid on time. Complete and accurate spend data leads to accurate decision.
In a nutshell, choosing between a manual and an automated system is a no-brainer. With claims features from WMS makes your expense process easier to manage.
From notification to alerts to a reminder, WMS will keep you informed and ensure that the process is running smoothly.
And if you’re concerned about not being technology-savvy, don’t worry. WMS features are design-friendly. And it offers support round the clock to ensure you never find yourself adrift.
An ideal expense management system can help you save loads of time and money. Hence, it will keep your employees stay productive and satisfied.
Are you ready to scrap the endless spreadsheets and paper forms and embrace the extraordinary world of digital expense management? Sign up for a demo to learn more https://wms.elabram.com/home