Discover 10 Great Reasons To Automate Your Expense Reporting Now
Employee travel is often vital to a company’s success. Equally important is having a user-friendly, accurate way to process expense reports. An outdated T&E system is frustrating for employees awaiting reimbursement and for the department processing expense claims. But there’s a solution. You can take control of your expense reporting with the power of business process automation.
1) Integrate T&E Reporting
Expense report automation software makes it easy to manage travel and other employee expenses all in once place. Because you’ll have all the data for travel and expenses in one system, the whole whole expense reporting workflow becomes more efficient.
2) Simplify Report Submission
T&E automation software lets employees submit reports digitally. Instead of keeping track of paper receipts, they can just use their smartphone to snap a picture. And then the photos, scans, and emailed receipts can be turned in at the employee’s convenience.
3) Ensure Policy Compliance
An automated T&E software system ensures every report turned in complies with your company’s policies. You set up the software’s custom tolerances and it walks employees through submitting needed information in the correct way.
4) Prevent Fraud
According to the 2014 Report to the Nations on Occupational Fraud and Abuse, asset misappropriations (including expense reimbursement fraud) are by far the most common form of fraud. T&E software helps fight fraud by enforcing policy automatically and tracking past reports.
5) Streamline Administrative Work
Streamlining the expense reporting system doesn’t just make things easier for the employee submitting reports. It’s also easier for the employees processing reports. Automation software frees up their time so they can quickly deal with any T&E issues and then focus on tasks that have a greater impact on the company’s future.
6) Save Money Per Report
According to the 2016 Travel and Expense Management Benchmark Report by Paystream Advisors, the average company spends about $26.63 on processing an expense report manually. In contrast, companies with fully automated systems only spend an average of $6.85 per report.
7) Speed Reimbursement
Automating T&E means you process expense reports much faster than companies with a manual system. Because of this, employees don’t have to wait weeks or months for a check anymore. That’s good for them and for your company since you can get a more accurate view of where your money’s going.
8) Make Taxes Easier
The IRS defines what is and is not a legitimate business expense and it’s in your company’s best interests to prove you’re in compliance with their regulations. Because automated T&E systems enforce company policy and keep accurate records, it makes taxes and audits easier.
9) Keep Employees Happy
With a manual T&E system, it’s easy for employees to become frustrated and feel that they’re being exploited. If it’s too hard for them to claim expenses, then they’ll start losing money and it will affect morale. User-friendly, fast T&E systems let you provide better internal customer service and retain happy employees.
10) Scale With Growth
Once the T&E system is automated, it’s simple to keep up with company growth or increased employee travel. You can add additional users with no additional software licensing fees. And because we charge per transaction, you only pay for what you use and can increase or decrease usage as needed. Contact us today to see a free software demo or get started adding T&E automation to your company.