Potential Risks of Excel-Based Expense Management
There is a startling difference between the amount of money spent by businesses using a manual process to the ones that use a fully automated expense report system. Here are a full set of reasons how expense report software will overlook the challenges of manual expense reporting system:
Security
With increasing volume of receipts, your team gets pressured to manually enter the receipt data by the end of the month. In addition, the way you manage expenses can be easily corrupted or overwritten. Choosing an automated system such as SutiExpense will ensure you have nothing to worry especially missed receipts. Your expense data gets backed up on the cloud, and so you do not need to worry about data loss.
Employee Fraud
Lack of monitoring and audit controls make it easy for employees to commit fraud. Even fraud can easily happen with spreadsheets by entering incorrect data. There are many ways in which employees can commit fraud, spotting malicious behavior is something that fails with manual expense management. Automated expense report solutions will feature the capability of spotting duplicate expense claims and flag malicious expense claims, so approvers can review and take actions accordingly.
Reports & Analytics
Data in expense spreadsheets can be used to identify the behavior and areas of inefficiency that can drive savings. Although Excel can help manage expense reports, it adds complexity that increases the chances of errors. The benefits are very clear with automated expense report software. With analytics, you have the ability to know how many employees are frequently booking hotels and flights last minute, which could save your business thousands.
Integrations
Your expense data has to get integrated with various systems including accounting and invoicing. Importing data from spreadsheets into different systems usually leads to inefficiency and is the key source of errors. Also, spreadsheets require frequent formatting which increases the chances of errors.
Automated expense report solution allows users to export the information in various formats without errors occurring.
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