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Written by Talan performance

Do you Realize how Costly your Expense Reports Are and why?

For years, you have been managing your expense reports with traditional spreadsheets, an easy and affordable process. Despite your curiosity in automating expenses, you still fear that this kind of change is expensive and could drive your working methods to disruption. However, economizing does not necessarily equate to reducing costs, but also to adopt ingenious working methods.

In the current digital era, businesses embrace technology innovation more than ever by focusing on modern Cloud solutions. As many employees already use daily mobile applications, it goes without saying that employers adapt to their habits by providing easy to use tools from devices, such as digital tablets or smartphones. You can avoid any technological break and follow the trend in order to add value to your company.

4 ways to concretely add value to your business by automating your expense reports management:

Mid section of man calculating bills on mobile phone.jpeg

1. Save Time

Time is money. Although it is old, this saying remains true. Did you know that:

  • An employee spend in an average month four hours and a half to generate expense reports?
  • Traditional processes for managing expense reports take approximately 40% more time to reimburse employees than a technology solution for managing expense reports?
  • Some companies are three to six months late for submitting expense reports?

Business process automation enables you to reduce administrative tasks to devote more time to productive ones.

2. Obtain Maximum Visibility

  • Avoid over expenditures

High-priced bottles of wine, hotel rooms and rented cars? Manually managing expense reports does not allow you to get optimal control on incurred expenses.

  • Ensure a strict monitoring on your total expenses, thanks to:

    • Precise and reliable data; risk of error is thus lower, compared to data entered manually.
    • Simplicity to identify costs for a project or an event, leading to a simple calculation of the cost-benefit ratio.

With expenses reports automation, it is much more evident for a manager to take an informed decision, as he can access in real time data regarding amounts spent and being reimbursed to employees. He then diminishes running the risk of getting headaches, due to multiple systems or payment methods.

3. Establish an Expense Policy

Create a platform which enables you to choose the hotels or other companies you wish your employees will be dealing with. Even better, establish partnerships with those companies to get discounts. Indeed, expenses will be following the predetermined policy. Moreover, you will be able to authorize in advance some expenses or refuse them before the fees are incurred.

“A typical company has 20% out of-policy spending. With policies not being stringent enough, compliance is a farther thought.

4. Spend Less

Take advantage of your expense reports by installing an open platform fitted with a Cloud technology that easily integrates your software and existing solutions. You will not be obliged to incur capital expenditures either.

Become a leader in processing expense reports and choose to automate your expenses with a Cloud solution as a key to success. Speed is the actual technological age’s heart so be part of the race! Don’t be left behind by your competitors and accelerate your business processes to ensure a promising future!

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