The Value Automation Adds to Traditional Expense Report Process
Do you really need to automate your expense reporting process? In the traditional expense report process, a single report passes through a number of hands before it gets filled. Starting with the employee who will manually enter expenses into a spreadsheet and attach receipts, the expense report goes to the manager who has to review before passing it to the finance department.
Once the report is sent to the finance department, review and reconciliation will take place and if it has the necessary paperwork, the report will get processed for reimbursement. However, most often, a receipt will be missed and a line item is allocated incorrectly. An expense report processed manually will end up costing you more time and money.
Automated expense report solution will take the pain out of expense reporting by making it easier for employees to submit an expense report. Also, the report can be easily accessed by all approvers and reviewers, thus saving time.
Lost receipts make it difficult to manage the expense report filing and reconciliation. On the flip side, technology allows employees to simply capture a picture and submit receipts right from their mobile phone. Fortunately, technology makes the process more accessible than you think. Automation and mobility are the two key aspects that help create a win-win situation for employees as well as employers. Employees only have to submit expense reports, and the system will take it from there. This way you can avoid receipt loss and expense data manipulation.
The added benefit of automation and mobility is accuracy. The system filters duplicate expenses, flag redundant data, errors, and out of policy expenses. Accuracy can be achieved and so finance department is freed up by the automatic reconciliation of expense reports. Also, with automation, expense reports can be approved faster and reimbursements can be done on time. An add on benefit is that cloud technology makes expense reports accessible to all users anytime, anywhere, resulting in happy employees.
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