Use Online Expense Management to Save Company Money
Still wasting time processing tedious expense reports? It’s time to say goodbye to stacks of receipts, manual data entry, and spreadsheets because there’s a better way to manage expenses, and it will save your company money.
New, modern mobile and web applications are a game changer. They empower financial managers with visibility into future spend and employees with on-the-go automated expense tracking. Yet many companies still rely on an expense reporting process that is outdated and cumbersome. They think they don’t have the time, budget, or resources to make a change, but the resources involved in switching to online expense management can be incredibly low compared to the opportunity it provides for increasing efficiencies and saving company money.
Online Expense Management Provides Automation
When expense reports are processed manually they can cost over $25 per report, but automation can reduce the cost per expense report to less than $7.
With automation, employees can simply capture expenses as they happen, let OCR technology fill in the details, and submit them as an expense report when they’re ready. It eliminates the need for spreadsheets or manual data entry.
Additionally general ledger integrations ensure that expense categories are mapped correctly, and that expense reports and reimbursement are reflected in real time so you can stay up to date with company spend. Automation helps your company spend less time creating and approving expense reports.
Use Online Expense Management to Create Visibility
When employees track expenses in real-time, it creates visibility. Financial managers can see exactly how much their teams are spending.
Trip budgets that use current market rates to accurately predict travel expenses provide insights into travel spend before it happens, so budget approvals and spend decisions are intelligent and informed.
Online expense management can also help automatically enforce travel policies. Company settings can be used to create a baseline for spend, and the application interface helps guide employees by visually tracking spend, suggesting lower cost options for large purchases like business trip flights, and incentivizing compliance, and even savings.
Good Online Expense Management Should Be Scalable
Ultimately, your company needs an online expense management solution that grows with it – an application that is simple to set up for your entire company, and easy to invite new employees.
Online expense management can be customized to fit your unique expense management needs at every stage of growth. Custom organization allows employees submit expenses for a single trip, a specific project, or as frequently as needed. Features like budgets and rewards can be toggled on to provide more guidance and increase savings, and company settings make sure the budgets are as unique as each company’s travel or expense policy.