As any company that manually manages its expenses knows all too well, the tasks of expense reporting, tracking and employee reimbursement are comprised of myriad time-consuming processes which often demand significant staff involvement. These include meticulously going over records, cross-checking claims with receipts, entering long strings of numbers into logbooks or spreadsheets and sending this data between different departments before the claims can be approved.
Many of these steps are vulnerable to human error, not to mention the fact that they require extensive time to be dedicated to them, thereby taking the focus away from other important tasks. Because of this, manual methods tend to introduce inefficiency into company processes, which is the last thing businesses want to be dealing with, especially when so many enterprises that successfully weathered the recent recession are still trying to find their feet in its wake. That said, regardless of economic conditions, firms should always be looking for ways to streamline routine procedures in order to free up staff members' time while simultaneously saving money. A multitude of businesses grapple with unnecessarily slow and convoluted expense management frameworks, which is where business expense software
comes into play.Why use business expense technology?
By automating the duties associated with expense management, companies can rest assured that the processes involved in successful reimbursement and claims-handling are being adequately carried out, and that they are meeting and maintaining expense tracking compliance
Expense management software can provide a number of benefits to firms, including the following:
- increased accuracy
- cost savings
- improved visibility
- more control
- faster, more automated processes (which allow for less direct staff involvement)
- ability to report and track expenses remotely, via mobile devices and the cloud
When they are adequately positioned to achieve a greater level of insight into the entire expense management procedure, companies can reduce the likelihood of expense records, claims and other data slipping through the cracks. Those that adopt software solutions, such as Sage Timeslips, are well-equipped to identify areas of inefficiency that may be dragging down the entire expense management process, causing unnecessary delays that have the potential to end up costing them money.