What is expense reporting software?
Expense reporting in many countries is paper intensive. For too long businesses have not looked at the hidden costs and challenges. The current business climate and especially social distancing and working from home is forcing businesses to review these.
The abrupt departure from physical offices has forced companies to fundamentally change their expense process. They are looking at cloud-based business application that saves them time and money.
People will hesitate to accept paper. They are concerned as to how many hands have handled that piece of paper, and the potential risk. Hence, businesses must discover a smarter way to manage expenses.
How does expense reporting software work?
With expense reporting software, you can automate expense reports, send receipts & expenses from your phone, streamline approvals, speed-up reimbursements, and track expenses in real time.
How does expense reporting software help businesses?
- Improved accuracy: Doing expenses digitally ends the legibility of paper
- Ease of access: With cloud storage the finance teams can easily access digital receipts and expense reports on any device at any time.
- Increases compliance: An online automated expense reporting software allows companies to control spending by automating their expense policies. As a result, this highlights expenses outside the policy.
- Reduces risk of law suits by employees: Not handling paper by hand reduces this risk to zero
- Gives visibility into insights: Automation of expense processes not only streamlines the system but also increases visibility of company spend.
- User friendly: Automation benefits both the employer and the employee. It helps reduce costs, saves time, prevents fraud, and enforces policy. Claimants can now make expense claims via a simple process and have visibility of their expenses at each stage. Overall, less paperwork to deal with.
- Reduces reimbursement time: Automating reduces the processing time of expense approvals by at least 75%. This results in finance teams spending less time on manual workload, resulting in higher productivity.
- Reduce delays and errors: Managing expenses manually is paper intensive. An online expense reporting software allows businesses to reduce paper. Submitting expenses digitally gives the employees flexibility. Approvers can easily review their expenses online.
- Go paperless and reduce carbon footprint: Record transactions electronically. Reduce the paper footprint. Go paperless now, which seems a no brainer. This change to automation saves not only time and money but also has a long-term impact on the environment.
- Mobile Accessibility: Using mobile technologies allows claimants to create expenses and send expense reports from their smartphones. Approvers can view this on their mobile device to review, approve or reject expenses. And finance can pay remotely. The entire process from receipt capture to reimbursement is on the go.
With ExpenseOnDemand, you will always be ahead of the curve. User-friendly and business-ready, ExpenseOnDemand unlocks powerful insights that help businesses with their expense reporting process
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