Excel-based expense reports are often still the norm for many organizations and are a major pain point for employees from finance to the sales teams. Without an automated system to control expenses, you have little or no ability to actively manage company spend. It’s difficult to ensure that spending decisions remain within budget and are in compliance with company policies. So why are so many companies still using manual, paper-based processes to deal with employee expenses? And how can organizations leverage technology to eliminate inefficient processes and focus on growing revenue?
It’s simple. Automation is paramount in controlling and reducing employee expenses. Here are the 7 “whys” that you should automate your expense report process:
Why #1. Human error costs your company money and time. Manual processes increase errors. And these errors are costly. To further exacerbate costs, incorrect information leads to missed opportunities and poor decision-making. Automation can reduce and eliminate these errors, leading to cost savings throughout the organization. Also, chasing paper around the office costs time. Automating expense reports can allow employees to return to more important tasks.
Why #2. You like really big, fast ROIs. The result when you deploy SaaS solutions? The path to positive ROI becomes shorter. Expense control initiatives allow for more control and accountability over operating profitability. Also, you are able to do more for less, which is critical in today’s economy. When you automate your expense report process you can process more transactions with less people.
Why #3. Great decisions require great information. When using spreadsheets, transactions still have to be manually manipulated to cross-compare data, regardless of how well documented the data is. Many cloud-based accounting and expense management solutions, such as Sage Intacct and Nexonia Expenses, integrate to gather business data quickly and efficiently in a centrally accessible location with a robust custom reporting engine. Say goodbye to cookie-cutter reports and make faster, smarter decisions.
Why #4. You went over budget. Again. And you have no idea why. Essential to promoting expense control efficiencies is budget accountability and timely reporting. With an automated expense report system, managers can see accurate budget information in real-time and analyze business impact. The result? Identify unnecessary spending and improve your bottom line.
Why #5. You don’t want to see yourself on the nightly news. Executives face significant pressure to increase regulatory compliance, streamline the approval chain and focus on the audit trail. Automating your expense process is very efficient, yet less expensive way, to achieve and maintain corporate accountability and compliance.
Why #6. Your sales team believes that the Four Seasons is the only suitable hotel. One of the biggest drivers for automation is policy enforcement. When automating expense reports, required expense fields are mapped in compliance with company spending policies and approval chains. This give you the ability to not only reduces costs, but to also change behavior.
Why #7. You don’t just want control. You need control! Every time a paper document changes hands, you lose a little control into your visibility of your expense process and financial situation. By automating your expense management process, you regain control by precisely defining, managing and monitoring expense transactions. This gives you a real-time view into how your company spends money.
Automation provides many benefits to organizations focussing on cost-savings and looking to streamline their expense report process. The benefits are tangible – you can see actual dollars being saved quickly. And with cloud-based solutions that have deep integrations with Sage Intacct, such as Nexonia Expenses, businesses are able to embrace automated expense controls and are adopt automated expense report software quickly and smoothly.
To learn more, contact us at firstname.lastname@example.org or request a Nexonia demo.