The future of expense management
For most companies, managing employee expenses is just another administrative chore.
It’s one of those humdrum tasks that the majority of businesses still handle manually; a cumbersome process of paper receipts, report forms, and Excel spreadsheets.
It creates inherently inefficient systems which leave finance teams struggling to manage a monthly flood of claims and corresponding paperwork to process.
A lack of checks allows fraudulent claims to go unchallenged. False and exaggerated expense reports contribute to annual losses of $345 for Australian businesses through workplace fraud.
These traditional ways of managing out-of-office costs are becoming increasingly out-of-sync with today’s digital and connected business environment.
Powerful expenses software systems such as Webexpenses remove the need for manual processing. The Webexpenses app uses industry-leading OCR (optical character recognition), scanning to convert paper receipts into a digital image in just seconds.
It allows the whole process to be handled digitally with manual tasks replaced by an automated workflow which transforms the way finance teams are able to manage and monitor costs.
To show exactly how it does this, here are the five key areas where automating business expenses can deliver significant benefits:
Reimbursement speed
Switching from manual to automated handling of reimbursements will typically reduce processing times by around 25%. The benefits are felt throughout an organisation – from the ease with which claims can be created to the reduction of paperwork for finance teams.
Administrative efficiency
Moving to an automated process removes the need for whole layers of administration that are needed for paper-based operations. It creates a more streamlined, scalable and flexible business structure.
Compliance checks
With business expense data handled in real-time, finance teams have the power to integrate automated compliance checks. On-screen notifications deliver policy reminders and alerts are triggered whenever costs fall outside of spending limits.
Management visibility
Expenses software and automated processes provide unprecedented levels of information on reimbursement costs and behaviours. Accurate data is generated on every aspect of an expensive operation and easily accessible via integrated reporting tools.
Workforce morale
Getting the most out of a millennial workforce means giving them the kind of digital tools they’re familiar with. The use of smartphone apps and automated process provides a fast and efficient way to remove the frustration of a paper-based chore.
So while the advantages of automating business expenses tend to focus purely on processing times, this is just one aspect of a more widespread boost that’s delivered. With effective use of the tools now available, any business has the ability to create a streamlined expense system with the scalability and flexibility required for healthy growth.
Webexpenses provides a smarter way to manage employee expenses: Follow the link to find out how it can help your business control petty cash.
