Business

Top Five Reasons To Update Your Expense Management System Right Now

Is your organization like all the others using spreadsheets to manage their expense management reports just because you find it good? But good enough is not really good enough when you trying considering the cost implications. Businesses these days have already spent more in the travel and entertainment category than in any other, and the use of spreadsheets would just add to these expenses. However a lot of manual work seems to be done until and unless the hidden cost and the efficiencies are been examined. The true costs are then ratchet up. Given below are the top five reasons as to why you need to update your expense management system.

Spreadsheets are not always mobile: Employees always cannot fill out the spreadsheets on a smartphone and yet a mobile is modern mandate. Business travellers these days demand connectivity and spreadsheets are not congruent enough with work from anywhere mind-set of today’s workforce. Soon mobile expense reporting is the only one way that it could be done. In the current process the employees are generally responsible enough for maintaining and submitting the receipts online keeping copies for their personal records. The finance department to this must then validate each and every line item of the expenses making sure that they have the correct paper receipts for all the expenditures done towards their business. In the mobile process the employees would take a snap shot of the receipts using the smart phones and submitting them electronically. Each and every receipt could be viewed online and automatically match with the appropriate expense entry.

Spreadsheets data entry are a waste of time: Manual expense reporting tends to effect productivity across the board. And by automating the entire process the entire timeline is sped up helping the employees to focus on the jobs for which they were hired rather than on endless and tedious data entry.

Spreadsheets are generally inaccurate: Manual data entry generally increases the errors. Think about it when an expense is incurred, digital data is been created around the purchase and receipt that is automatically been printed. The employee would then re-type the information from the receipt and then into a spreadsheet, prints it, and would then staple it around the printed copy. The result is duplication of efforts and the unnecessary mistakes behind it. On the other hand automated expense management software captures the exact credit card transactions, matching them with the receipts photos and specific vendors. Now think of how many tasks could be eliminated across your company over the course of one week much less than an entire year.

Spreadsheets slow down the entire process: After spending hours of time on manual data entry, the spreadsheet is sent to the manager of the organization. And once approved it would then be processed so that the employee could be reimbursed. This workflow, once filled with email and attachment’s is slow, inefficient and ultimately inexpensive. Automated expense management software to this is opposite, where the exact data and receipts are automatically captured digitally. Employees would simply just click submit and the expense report would be reviewed and approved from the mobile devices with a full audit trails.

Spreadsheets do not provide immediate insights to spend: Managers of a specific organization need to know where their money has been going in real time. And when the expense data is a stack of paper then finding the required information is never quick nor easy as it seems to be. Through automated business expensing your expense data is at your fingertips. Reporting is immediate and you could drill down to get the required details for any of your expenses with more visibility to spend.

So what would you like to add to the list above? Do leave your comments below and we would be happy to add them to our post.

Author Bio:

As Expenzing’s Marketing Operations Manager, Shivli Ratul is charged with sharing industry information, Expenzing expense management reports, building company awareness, and driving engagement through the Expenzing Community and social media channels.

Advertisements

Share your View

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s