Automated expense reports solve many challenges
Many organizations face certain challenges in expense management as they do with their other business processes. Lack of visibility, slow processing speeds, failure to enforce expense policy, error-prone processing – these are but a few of the many challenges that expense management throws up. Many of these arise from using traditional manual practices; automated expense reports give organizations a way to address these challenges.
Slow processing: Expense reports make a journey from creation to verification to reimbursement. Manual practices like moving paper across desks, verifying each expense line item by eye, and duplicating data from the paper form to the system slow down this journey and allow inefficiency to creep into the process. In contrast, automated reports flow digitally from one system to another and have no need to be copied from one place to another. The software helps users in verification and expense receipt matching to further speed up the process.
Visibility: Having visibility into business processes is very important because it ensures that the activity is being carried out as it should be. Lack of it will give rise to questionable and undesirable practices. When the information we need is buried in multiple systems, it is hard to obtain whereas if it is contained within one system, it is completely visible.
Policy enforcement: A major challenge for any organization, even the largest and most well run of them, policy enforcement is tough if there are no adequate checks and balances in a business process. When no one is looking, users who would not want to violate policy also chance it as there is no scope for them to be caught. There are also cases where violations happen unintentionally. Supervisors might not always be able to catch these violations. This is where expense software can help by restricting reports to stay within policy.
The above challenges are only some that automated expense reports can solve. The software completely revolutionizes the way expense reports are processed.