Is Outdated Expense Management Holding Your Business Back?
Move away from manual and automate your expense management
Does your company still use manual methods to manage its employee expenses? If so, the move to an automated system offers a simple way to streamline your operations.
This is because expense management is one of the few remaining areas of business administration where paper-based ways of working are still in existence. A 2017 global study, commissioned by Webexpenses, found that two-thirds of companies handle their expenses manually, via Excel spreadsheets, forms and paper receipts.
This creates an inherently slow and inefficient process that leaves even the most proficient of finance teams struggling to control reimbursement costs. It’s estimated that UK businesses continue to lose in excess of £100/$130 million each year to expense fraud as claims are routinely exaggerated and falsified.
It’s a problem which no longer needs to be tolerated. The emergence of powerful cloud-based management systems allows manual tasks to be replaced by automated processes.
A smartphone app is used to convert paper receipts into a digital form, allowing the whole process to be handled paper-free with real-time data. Here’s a look at the key benefits of using expense management software:
Increased processing speed
The most obvious benefit of automated handling of expense information is reduced processing times. Typically, the switch from manual to automated operations will cut processing times by around 25%.
Removing manual tasks allows the layers of administration required for paper-based operations to be removed. In doing so, it creates a more streamlined and flexible business structure.
Complete expense compliance
With real-time monitoring of costs, automated compliance checks and balances can be integrated into the system. Finance teams and approvers are alerted whenever a claim falls outside of pre-defined spending limits.
By automatically collating and storing expense data, automated systems provide an unprecedented level of information on reimbursements. Accurate data helps to identify problems and monitor performance.
Automated processes remove many of the tedious paperwork tasks that have made expense management such a chore. The use of a smartphone app allows claims to be created in a matter of seconds - as and when costs are incurred.
So for any business that’s still using a traditional approach to expense management, the switch to automated provides a simple way to unlock a range of significant benefits.
While the advantages of cloud-based systems tend to focus on reduced processing times, the true benefits can be seen as more fundamental. It’s a way to remove outdated processes and create the kind of agile business structure that’s required for today’s business environment.
Webexpenses provides a smarter and safer way to manage employee expenses. Find out for yourself by requesting a free demo.