Five Major Reasons Why Business Organizations Need To Ditch Manual Expense Management
It’s time to say a good bye to all the manual expense management reports. Automated expense management software system have arrived in the market with an advanced process, that helps the organizations save tremendous amount of time and money. In a research study being conducted organizations using these software’s spend 27% less, than the ones who are using paper based methods with over 40% on travel expense management system. Given here are the 10 major reasons why organizations need to ditch manual expense management and choose automated expense management system.
Lack of visibility would here mean lack of control: Who would not want to have informed financial decisions faster. It does become extremely difficult to consolidate the huge and entire data of your business organization with expense report template, and is also impossible to do so in real time. When the organizations begin to rely on manual expense management system they tend to become reactive and continue to struggle in order to keep up with the changes of the T&E policies, technology and infrastructure, regulatory requirements and the last but not the least the tax codes.
Documents could be easily lost: Going on a business trip and having each and every receipt being maintained turns out to be frustrating saying the least. Employees continue to lose their receipts and have to file the other required documents with each and every individual purchase that they have been expensing. Losing the documents is not just a treat during the entire trip but also until and unless the expense report is filed. Through an automated expense management system losing the documents is no longer a threat to filing an accurate an expense reports.
Quick and efficient corporate credit card settlement: One of the most valuable aspect of using an automated expense management system is the ability to plainly track both reimbursable and non-reimbursable expenses. Corporate credit cards here could be automatically imported with all expense report and designated as non – reimbursable. The entire automated expense system would again allow for quick and efficient settlement of corporate expenses. This level of control here is simply unheard in the organization when it comes a traditional excel expense management software template.
Real people work at your business organization right: Human errors are generally considered to be inevitable enough. Every time your data is being transferred from receipts to spreadsheets or from spreadsheets to another the potential for errors continue to arise. Your staff would here never want to enter the data related to your expenses, and they would not mind when they have spreadsheets being filled with errors. They are here working on projects that could make a meaningful contribution towards the organizational goals.
If your systems have not integrated in a proper manner then you are running in mud: When the entire data in your core backend system is in accurate, then you have been using system that helps you in making a bad decision and which is hardly good for you and your business.
Decreased visibility: There is no quick way where the administrators could have a look on how the employees have been spending the money of the organization. It could take hours to manually review the entire receipts and spreadsheets finding different patterns. For larger business organizations manual expenses reporting makes it impossible to analyse the spending habits of more than few employees. Through an automated expense management the manager or the head of the organization could easily review how much money is being spent. This would again give the managers an opportunity of making decisions related to the organization, changing the policies when loopholes are being used.
To conclude as anyone could see manual expense management are considered to be the things of past. And though there are some major aspects related to expense management, moving to the digital system would make the entire process much easier and a bit quicker to everyone.
Automated expense management system would not just save the time and money of your organization, but would also make it easy to review the habits of all the employees when it comes to the spending funds. Having your manual expense reporting to rest and save your money. So what are the other major reasons you would like to add to the above list. Do leave your thoughts and comments below and we would be happy to add them to the list above.
