First things first, let’s define what expense management is. It’s the process of keeping track of your business expenses, like receipts and invoices and ensuring they get paid on time. Sounds like a snooze-fest, right? But fear not, my fellow humans, because automation is here to save the day (and our sanity).
Now, let’s get into the hilarious business advantages of automating expense management:
Improved spending transparency
Having the chance to monitor expenditure data in real time is a major advantage of automated expense management. This data can be used to provide precise projections and budget allocations. Another advantage is finding the vendors that your workers spend a lot of money with and negotiating better terms with them to save your company money. Centralizing expenditure data also makes it easier to report on various performance measures.
Many businesses allocate daily budgets to Compensation for employee activities and transportation costs (sometimes called per diem costs). The rate employees or teams choose while voicing allowance expenses is determined by an automated expense management solution, providing transparency of every expenditure for expense tracking and auditing requirements.
Removes errors brought on by manual reporting
Manually entering expenses might lead to expensive mistakes. Your staff may become overburdened by the repetitious tasks, particularly if they process several reimbursement claims. Automating the procedure can reduce costly errors and boost employee productivity.
For instance, using expense automation software, staff members can send the finance department images of receipts from their smartphones for compilation and processing. This functionality speeds up the processing of claims while lowering human error.
Allows for quicker approval and payment
The manual expenditure reporting method is time-consuming because the finance department must carefully check each claim’s details. This tiresome task frequently causes approval and payment to be delayed. Expense management automation solves this issue by automatically forwarding the claim report to the subsequent approver after verification.
Employees can still send in their claims even if they are still traveling. This benefit enables the finance team to proceed with the procedure without waiting for the employee’s return.
Decreases the risk of expenditure fraud
The manual cost reporting technique makes it simple to overlook double entries on duplicate receipts. A system for managing expenses reduces this risk by identifying duplicate data and alerting the sender and approvers. This feature lessens the possibility of fake employee submissions.
Increases adherence to expense policy
Compliance with your organization’s expenditure policy can be made easier using expense management software like Spenmo. Automation makes it simple for the accounting department to manage financial records throughout the year and quickly prepare them for financial audits and tax filing.
It’s normal to be concerned about the cost of change, but continuing to use your antiquated expense management system can cost you more money. By switching to automatic expense management, you can immediately start saving time, effort, money, and mistakes without having to pay for users or subscription access.
Implementation is quick and easy thanks to automation, with the possibility of some phone help if needed. Your IT and operations personnel will be well-rested during the implementation period so that they may return to their regular duties.
Connect your expenditure tracking program to your credit card to automatically import data into your expenses. Most of the data is already filled out in the claim, contributing to a 78% per transaction decrease in the cost of processing expense claims. It also centrally stores the generated data, making creating reports even easier. Increased spending insight and significantly less time lost on information gathering are results of easy reporting.
So there you have it, folks – the hilarious benefits of automating your expense management. Say goodbye to lost receipts, manual data entry, Excel spreadsheets, slow reimbursement, and inaccurate reports. Hello, automation – our new best friend!