How does your company process expense reports today? If you’re still using a paper-based system for expense reporting, you’re missing out on all of the benefits technology can bring to your process. If you are tired of the inefficiencies, high processing costs and lack of visibility (just to name a few) you get with manual processing, read on to see why you should automate expense reporting.
- Improve policy compliance
Company expense account policies can easily be forgotten or shrugged off in today’s busy world. Automating expense reporting can tighten control by enforcing these policies. For example, does your company have preferred travel vendors? Do you set spending limits or audit rules? Do employees often forget to enter all important data? With a tailorable solution like DataServ’s Expense Report Automation, all of your company’s unique business policies can be met.
- Reduce costs per expense report processed
Based on a survey conducted by PayStream Advisors for their 2012 edition of the Travel and Expense Management benchmarking report, on average, a company with no Travel & Expense automation spends about $21.41 to process an expense report. Companies with some automation have brought the cost down to about $15.06 and those that are fully automated using an integrated system have reduced their cost to just $8.50 per expense report. Whether you process hundreds or thousands of expense reports each year, the savings really add up!
- Achieve better turnaround times
Automating expense report processes saves valuable time. The time it takes a traveler to enter expenses online is reduced significantly because the expense software is automated, allowing them to quickly return to more significant, value-added work. Automation also speeds up the number of expense reports an AP employee can process while reducing the number of errors. Fewer people are able to do more work and travelers get their expenses reimbursed faster.
- Gain visibility
Automation adds increased visibility into your expense reporting processes. It provides access to the data more quickly and much easier than manual, paper-based systems while allowing the data to be available to supervisors and managers throughout the entire process. Increased visibility allows managers the opportunity to see into areas where they can cut down on both accidental and malicious fraud. Industry research studies show that almost 40% of all expense reimbursement requests have a fraudulent component. Who wouldn’t want more visibility?!
- Control expenditures
Expense report automation makes it easier to manage and monitor expense reports while giving you insight into how your company is spending money. It also allows you to set spend limits per employee letting you better control travel expenses.
To learn more about DataServ’s user-friendly, tailorable Expense Report Automation Solution, watch our two minute video.