Published on May 28th, 2017 | by Guest0
Expense Management Areas Where Automation & Mobile Access are Helpful
With the number of repetitive tasks that it has, expense management is one business process that is ripe for automation. Also, since expense management involves many tasks that can be completed easily and conveniently on-the-go, mobile access to expense data and technology can be of great help. Expense report software offers both of these and more, and allows organizations to make their expense management processes truly efficient and effective.
In this article, we will see some expense management areas where automation and mobile access are useful:
In expense reporting, both automation and mobile access are very helpful. In fact, they go together in creating a very convenient and easy way for employees to report expenses. When you are in hotel and you just had lunch with a client, you just take the receipt and scan it into the system. The software will copy the details from the bill through OCR and store the receipt data in the right place. You can also take a photograph of the receipt and discard it. This way, you have all you need and need not mother with unnecessary receipt management tasks.
Also, mobile devices allow for immediate expense reporting, which means that you can complete reporting in smaller chunks rather than in one go, when it might seem like a humongous task.
Routing the expense reports for approvals is another huge task in expense reporting. Diverse stakeholders each working their own hours means that there is every chance that approvals are delayed, and as a result, the entire process delayed. Further, there are some rules built into the process as well, such as sending reports to level 1 supervisor if it is under a pre-defined amount or gaining approvals from multiple approvers in case of the expense amount being more than a certain amount. When expense report routing is done manually, all of this gets complicated ad adversely affects the process.
Therefore, what you need is some solution that routes the expense reports optimally to approvers while giving the approvers the flexibility and convenience to approve expense reports in their own time or delegate the responsibility to others in case of absence. Also, if the solution can automate the routing of expense reports in accordance with any rules or procedures that the organization follows, it will be of great help. This is what expense management software does for you. The solution not only automates the expense report approval process but does so by following all the rules. Further, approvers can complete their tasks from the mobile devices too, giving them convenience and flexibility.
Receipt matching is one of the most tedious jobs in expense management. The process involves matching each individual receipt with the corresponding expense to ensure that data entries are right and that the expense does not violate the company policy. Some resources must be dedicated to pore over each expense line item to weed out the inconsistencies.
Instead of doing this manually, expense software will help automate the process. The solution matches all the receipt items with line items and ensures that everything is above board.
One thing about the expense software solution– it automates collaboration too. It ensures that all the stakeholders are kept in the loop and everyone is intimated in time regarding the tasks that are pending from their sides. Also, if someone does not complete his or her tasks in time, the software will do the follow up till they are done.
Additionally, there are many other tasks in expense management where automation and mobile access are very useful. The complete solution will revolutionize your expense management process and make your people efficient and productive.
Rachel Smith works for SutiSoft, Inc as a web content writer. Rachel covers business, technology and SaaS trends.