Steps For Automating The Expense Management Process
What is Expense Automation?
Expense automation in today’s world is about moving away from manually handling expense claims & receipts. Expense automation uses mobile phones to capture and approve expenses. Data is stored digitally, including receipts, in the cloud. Available 24×7, 365 days a year, from anywhere. Approved expenses are automatically uploaded into finance systems, and then paid into the claimant’s bank account.
ExpenseOnDemand’s automation process transforms the manual expense reporting and reimbursement process into a more cost-effective system. It reduces unnecessary manual processes. Hence, reducing the expense reporting time by 90% and increasing productivity by 70%.
Anecdotal evidence has demonstrated that automation has a huge impact on the bottom line because it does the following:
a. Reduce unnecessary expenses
b. Increasing compliance and accountability
c. Real time visibility and transparency
d. Gain productive hours
e. Improves Workflow
f. Better decision making
g. Cost Saving
h. Increased employee satisfaction and morale
The FOUR Steps in an Expense Management Process:
1. Record expenses –The process lets an employee photograph the receipts on their smartphones and enter their expenses on the go. This reduces the risk of losing receipts and entering inaccurate expenses. The expenses are reported on time as the process is straight and simple.
2. Submission of expense reports – With automation, expense reports and business processes are streamlined, and policy violations are automatically flagged.
3. The approval cycle – Automation makes the approval process easy & simple. Discrepancies or any unauthorised expenses are brought to attention much faster. Expenses are approved or declined by the approver instantly from the time the claimant submits them. Thus, making the approval cycle is quick and streamlined.
4. Reimbursement process – Expense reimbursement become timely, because there is little room for delays. This in turn reduces resentment and lack of order within the organisation. Automation expedites reimbursement.
Benefits of an Automated Expense Management Process:
1. Intelligently automating the expense management process, the finance departments get faster and accurate data. Better control over cash flow, giving greater visibility into the company spend.
2. As CFOs are transitioning from their tactical roles to being strategic. They are embracing automated expense management processes – to stay ahead of the curve to control and optimise expenses. They are looking to capitalise on the key benefits of a robust automated expense management process, which does the following:
a. Driving cost-effectiveness in the organisation
b. Reinforces compliance
c. Enhances productivity
d. Streamlines processes & improves processing time
e. Delivering smart analytics
f. Reduces employee reimbursement time
g. Minimising downtime for support
h. Mitigating risk and errors in manual expense management
i. VAT recovery
j. Centralisation of processes
k. Is eco-friendly
ExpenseOnDemand ensures a seamless expense management process & timely reporting of business expenses. It also helps companies to have a clear vision of the company’s expense policies. For small and mid-size companies, automating the expense processes means getting a better grip on their spend.
ExpenseOnDemand is an ideal tool to automate and manage business employee expenses – puts accurate real time data at your fingertips.