Let’s start with the facts; 41% of all business travellers spend more than 60 minutes per month on their expenses. Furthermore, 70% of employees manage their expenses manually.
Needless to say, there’s a lot of time lost and a process that will do both employees and businesses good if automated.
Still not convinced? Let’s look closer at some concrete reasons why you should automate expense management.
No more lost receipts
With a digital expense management solution, it’s easy to report the expense straight after the purchase regardless of what kind of receipt you receive. Is it a paper receipt? Great, snap a photo of it and you’re done within seconds. Or is it a digital receipt? No problem, just forward it to your expense app. The era of searching for receipts by the end of the month is over.
All in one place
How many different tools, programs, or forms do you need to fill after a business trip? Managing expenses, per diems and mileages in one place saves time and provides a complete overview – a seamless administrative process for everyone involved, from the employee to the accountant.
Compliant documentation
Automated expense management is your teams’ best friend. Why? The solution assists employees through the expense process. It ensures that the submitted and approved expense claim complies with local regulations – providing the accounts team with complete documentation ready for bookkeeping.
Enhance control
Eliminate expense claim errors and mistakes. Imagine being able to have complete control and confidence that your expense policy is complied with automatically – turning manual reviews into a thing of the past.
Time is money
Twenty minutes is the average time it takes to complete one expense report. Thanks to automated expense management, employees can potentially save up to 85% of that time. Imagine how much money your business can save if your most frequent business travellers complete their expenses within minutes instead – now talk about time is money!
Full flexibility through integrations
Using an expense solution that meets your business’ specific needs is essential when automating the process. Through integrations, you can achieve true automation. The most common integration is with Accounting and Payroll software, which is critical for a convenient experience for accounting teams. Yet, other integrations, like accessing your favourite credit cards, will complete the automated expense experience from purchase to bookkeeping.
Read more:
Why you should automate Expense Management
