Transform your business expense management over the festive period
The presents are great, the food and drinks are delicious but what makes Christmas really special is time.
It’s time away from the hustle of work, it’s time to spend with your family and friends, it’s time to do whatever you want. And for most of us, that’s not time spent carrying out tedious and repetitive admin tasks – like having to process a bundle of expense receipts.
It’s an understanding of the value of time that has guided the development of webexpenses.
Webexpenses is a cloud-based expense management software that streamlines and automates the way employee expenses are managed and monitored. By doing so, it dramatically reduces the amount of time that’s wasted with traditional approaches to expense management which have historically relied on paper-based tasks and manual processes.
A 2017 global survey, commissioned by webexpenses, found that the average time it takes for an employee to submit an expense report is 41 minutes. And then there’s the time required for finance teams to manually check, process and reimburse a monthly flood of paper-based claims.
Here’s how webexpenses saves your business time:
Expenses app makes it simple
The webexpenses’ smartphone app removes the need for any paper-based processes. The app uses advanced OCR (Optical Character Recognition) technology to instantly convert the info on a paper-receipt into a digital form.
It takes less than 30 seconds to go from paper bill to digital claim, meaning that accounts can be updated as and when business costs are incurred. It’s a major saving on the traditional approach.
Benefits of expense management software
A cloud-based approach allows a centralized finance team to monitor and control real-time expense data across an organization. All expense related information is tracked, collated and stored – making it instantly accessible.
It removes the need for large amounts of data to be manually transferred between different spreadsheets and systems – a slow, tedious and error-prone task. It reduces the admin burden and improves efficiency of managing business expenses.
Automating policy compliance
The task of trying to catch suspicious or out-of-policy claims can eat up the time and resources of a finance team when expenses are manually managed. This inefficiency leaves businesses dangerously susceptible to fraud and compliance breaches.
Webexpenses allows policy checks to be easily integrated into a company’s workflow. Each claim that’s submitted is automatically checked against any limits that have been set by the finance team, with alerts triggered whenever issues are found.
Expense reporting made easy
Trying to compile anything other than the most basic of reports is prohibitively time consuming when information is collated by hand. Finance teams have to pull together data from multiple sources across an organization – Excel spreadsheets, forms, receipts, documents etc.
Webexpenses provides a powerful integrated reporting tool. It provides easy access to accurate and up-to-date information on every aspect of an expense operation – allowing reports to be compiled in a matter of minutes.
So while time is always a precious commodity, it’s over the festive period that we can truly appreciate the benefits of stripping away unnecessary tasks and distractions and being free to focus on what really matters.
These are just some of the many functions that webexpenses’ expense management software has to offer. If you’re interested in finding out more, contact us or book a dem-ho-ho-ho! Sorry…