Organizations are always looking for ways to cut down the administrative overhead when it comes to timesheets and expense reports. Manual expense reports, whether on paper or spreadsheets can cost time and money to process. That’s why paperless expense reporting process can make a difference to the organization’s bottom line. Administrators and employees need a cloud-based mobile system that will help simplify and streamline the process. Automated expense report solution adds numerous benefits to businesses, which include:
Making Expense Reporting Process Paperless
End users are in need of a system that reduces the manual workload. With an intuitive desktop and flexible mobile app, employees can complete their timesheets and expense reports using a system that makes the job easier. And, you don’t have to spend time training every user on the system because it is intuitive so that they can learn just by themselves.
Automation decreases the human work with tools such as OCR, and voice capture. Using these, employees will have to just capture the receipt, and the system uses OCR to read the receipt and input data into the appropriate field. This means employees will have just to capture an image, verify the data is correct and then hit submit. And, with our intelligent voice capture technology, employees will have to just speak their expense details and the expense will be categorized, entered, and the receipt will be attached automatically.
Today’s expense report solutions provide the flexibility employee needs to submit their timesheets and expense reports in a way that makes them feel most comfortable. No matter whether they prefer the app or the desktop version, complete functionality is available in both interfaces. The result is that administrative work gets laid off and employees will make submissions on time.
For Managers and Approvers
Time and expense provide businesses a single platform for employee reporting needs. An automated system brings together not only timesheets but also accounting, HR and credit card feeds.
Featuring external integrations such as Quickbooks and other accounting apps makes your reimbursement process easy. Integrations allow data to flow seamlessly between the systems, thereby, avoiding data inaccuracies. Data moves both ways to keep systems updated without having to manually import/export data.
Compliance can be a game-changer when it comes to expense reports. Managers spend endless hours verifying each submission against company policies, rules and requirements. Compliance makes it possible to input policies into the system and then allow submissions to be automatically validated against policies. Submissions will compose information about which policies were met and which were not. If there are many rejections, submissions will automatically be sent to the employee with notes for corrections.
Tracking projects, clients or cost centers is a major burden for administration. Each project will have its budget, rules and policies. Managers can know the complete details of projects by restricting or assigning projects to specific employees. Approvers can see the project details and expected expenses to help stay on budget and make informed decisions about budget controls. Assigning budgets should be done effectively as it would lead to poor planning and inefficient controls.
Tracking travel becomes easier with integrated travel and expense report software. The solution can be used to get the best deals, view itinerary details and make bookings when required. The integration with the travel booking tools allows you to pull the trip data into expense reports, thereby, eliminating the need for manual entry. As travel details can be input automatically, you need not worry about data loss, missing receipts, and booking fraud.
Reporting offers essential and actionable insights into what is happening with expense reporting in real-time. Most organizations are working simply to maintain and manage corporate expenses, and reporting/analytics allows managers to look ahead by analyzing the key metrics happened in the past.
Automating time and expenses gives administrators the data required about their projects, employees can make adjustments as they go or make informed decisions about projects in real-time.
With users and managers playing the key role in the system, finding the right time and expense solution is very crucial for businesses. Look for the solution that supports all integrations, and that can scale easily as your business grows.
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About the Author
Kevin Peterson is a content marketing enthusiast, freelance writer at SutiSoft, specializing in Business, ERP, Technology and Cloud/SaaS trends.