Can’t decide if it’s the right time to automate your expense reporting system? Wondering if it’s ok to hold onto your manual system a bit longer? We understand it’s a big decision for your company, so here are some signs that will help you to know when it’s time to automate.
- Are there too many errors slipping through the cracks? We’re human, we all make mistakes! When it comes to expenses though, those mistakes can be costly to your business. With an automated system, however, those mistakes are far and few between.
- Is it becoming too expensive to manage your expenses? As your business grows, so do your expenses. With more and more expenses flowing through, it requires more working hands, and this can cost a company a lot of money. By automating, each employee can process their expenses on their own, and management can approve/disapprove it right away. This will eliminate the costly help in-between. Manual expense reports typically cost $26.60 to process, according to a 2015 PayStream Advisors Report. With partial automation, a savings of $9.32 per expense report was achieved and with full automation a whopping $19.78 in savings was achieved per expense report. Who wouldn’t want a 75% reduction in cost per expense report?
- Have you noticed multiple invoices being submitted by mistake? This can create a lot of confusion, and could even result in double payments. By automating, you can track what has already been submitted.
- Is your manual system becoming a lengthy and time consuming process? Saving time saves money! Submitting, approving and denying expenses in an automated system is an instant process. Following a rules-based workflow in an automated system, you’ll be able to better enforce your business policies and enhance compliance in a systematic and auditable manner.
- Do you feel in the dark about your company expenses? With an automated system you will be able to easily see which expenses were paid for, which ones are still pending, and keep track of everything that goes through. More visibility into the company’s expenses will eliminate any issues that could occur with a manual process, as well as increase your expense forecasting accuracy. Bonus: What about your reporting capabilities? Are you able to provide analytics to analyze a problem, drill down and focus on the details and then set KPI’s to ensure those problems don’t occur in the future? With Professional Reporting capabilities included in automated expense management you’ll gain the reporting tools needed to figure it out.
With an automated reporting system you will have a time saving, cost effective, bird’s eye view into your business expenses, while enhancing your ability to accurately forecast expenses, thus eliminating the main issues that can occur. So the question is… are you ready to automate?
For more information, check out Apptricity Expense.