Why You Should Automate Expense Reporting, and How to Do It

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1. Built-in policy controls

How many times have you gotten an expense report that includes something like a $179.63 restaurant receipt when you had set a $150 limit for two-person client dinners? Or an airline ticket in Business Class when you had specified coach only? You can detail your company’s policies as you set up your online expense reporting solution, so employees always see them.

2. Capture paperwork

Everyone loses receipts – and sometimes, entire expense reports that took too much time to create. Your employees can use a smartphone app to accompany these applications to enter expenses and snap photos of receipts that can be attached to reports. Some will even “read” the receipt—even emailed receipts—and create categorized entries. Your staff can also upload credit card transactions.

3. Easier, faster troubleshooting

You may have had employees complain that they weren’t reimbursed the amount turned in on their report. Rather than digging through papers stuffed in file folders, you can easily and quickly retrieve the electronic record to explore the discrepancy.

4. Integration

How do you transfer expense report data to your accounting system? If you and your employees manage expenses on a dedicated website, your numbers can move easily into accounting software like QuickBooks.

5. Smarter decision-making

When you need to cut costs by minimizing travel expenses, you’ll have easy access to historical data that can help you spot problem areas.

6. Centralized control, and notifications

You are the hub of your expense management solution. Reports come in and are automatically checked for policy violations and duplicate data, then are submitted for payment. Reminders may be sent when an expense report is due, has been submitted for approval, or has been approved.

7. Happier employees

Instead of calling or emailing you to check on the status of a payment, employees can track their expense report’s status to see where it is in the pipeline. In addition, expense report applications accelerate the payment process.

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