6 Benefits of Automating Expense Processes in your Business15 June, 2020 3:33 pm
Cigarette smoking is injurious to health. Handling paper expenses can also be injurious to health and a business’s wealth!
Expense management in many companies is paper-driven. For too long, businesses have not looked at the hidden costs and challenges. The current business climate and especially social distancing, including the risk of being sued by employees (should the employee get infected by COVID-19), is forcing businesses to review these.
Hence, automating the expense process offers huge benefits. Apart from maintaining social distancing, and therefore the risk of being sued, it ensures that expenses are accurate and compliant. With expense management automation, the processing time is reduced considerably, and decision making is improved tremendously – providing real cost savings for any business.
Here, we will talk about the 6 key areas where automating business expense processes can be significantly beneficial to the business.
Benefits of Automating Expense Process:
1. Reduces risk of being sued by employees to nearly zero: As businesses go “paperless” and digitises all the paper associated with expenses, this risk tends to zero.
2. Reduces fraud and abuse: Automation is a powerful deterrent when it comes to fraud and abuse of process. It increases the prevention, detection, and mitigates financial fraud. Advanced automated expense processes can identify and flag questionable expenses quickly and easily because 100% of the expense items are analysed, giving the finance teams an edge over the manual expense process, and the much-needed control and visibility. Indeed, turning on the expense policy function automatically audits all expenses and is the natural process of full automation. Hence, reducing waste, misuse, and abuse.
3. Reduced reimbursement time: Automation ensures that the expense approval and reimbursement process drastically reduces the time to reimburse employees. Switching from manual to an automated process reduces the processing time by at least 75%. As a result, the finance teams spend less time on manual workload and employee morale and productivity are on a high.
4. Go Paperless and save the environment: When businesses reduce or eliminate paper, they are decreasing their carbon footprint. Kickstart your paperless initiative with expense process automation. Going paperless right now seems a no-brainer. A 100% paperless office may not be realistically possible but with online expense reporting systems and expense process automation, the businesses can eliminate the usage of paper to a great extent. Going paperless with automation, not only saves time and money for the business but can also have a long-term impact on the environment.
5. Gives visibility into insights: Automation of expense process, not only streamlines the process but also increases the visibility into employee expenses – allowing the finance teams to accurately record and forecast spend while increasing cost savings and compliance. Businesses make informed decisions while making the entire process more transparent.
6. User-Friendly: Automation, in most cases, benefits both the employees and the employer. It helps reduce costs, save money, prevent fraud, and enforce the policy. Claimants can make expense claims via a simple process and have visibility of their expense is at each step. And overall, there is less paperwork to look into.
According to a study by PayStream Advisors, businesses that have chosen to fully automate their expense processes are reducing by over 70% the cost of processing expense reports, from £27 to less than £6. This is the very reason businesses are moving towards automated solutions.
Why Choose ExpenseOnDemand?
ExpenseOnDemand offers a robust and powerful software on the mobile for the claimant and approver, and on the web for the finance manager. This removes the need for manually processing employee expenses.
The £1 starter pack is packed with functionalities, which automatically reads receipts on the mobile and creates the expense. This saves time for the claimant when making an expense claim. The receipts are marked with the longitude and latitude of the location where the expense was incurred – this can be viewed on the Google maps. With our receipt scanner app, the approver can view the receipt and approve the expense on their phone. Also, the finance manager can speedily reimburse the expenses.
As our customers scale, they can add functions/functionalities from a menu, and only pay for what they use. The billing is even more flexible. Customers can pay either based on the number of people or per transaction.
Choosing the right application will save you more than time and money. We at ExpenseOnDemand, like to stay on top of technology advancement so we can at all times continue to deliver the best. Currently, we are incorporating artificial intelligence and machine learning in some of the processes.
Click here to start your free trial with us or book a free personalized demo with us to see for yourself how we can help your growing business.