In every business there are issues and concerns that are dealt with on a daily basis. Automating expense reporting alleviates 3 Common Business Problems.
Problem #1: Lack of visibility into company expenses – How can you trust your manual system?
It’s a scary thought to think you may not be 100% knowledgeable of your company’s expenses. Are your employees expensing the appropriate amounts? Are the excel spreadsheets accurate? Can you really trust the numbers on your excel spreadsheet? With an automated expense reporting system, you will be able to monitor and track your company’s expenses in real-time. You can see the amounts that are being submitted, allowing you to keep better track of your company’s spend when it comes to travel, business lunches, etc. You will also be able to generate accurate reports, forecasts, benchmarks and trends that you can trust. No more complicated spreadsheets!
Problem #2: Fraudulent expenses are slipping through the cracks – How can you monitor expenses without creating a hassle for your employees?
Fraudulent expense reports are a major concern for businesses, but they are easily remedied without making your employees feel they are not trusted. With an automated system you set rules to define your spend policy, making certain expenses bounce back with an error when submitted. Whether it is by expense type or amount, your system will catch policy exceptions when your employees create their reports. In addition, expense management systems make it easier and more cost effective to perform audits of expense reports. Ultimately, expense management systems provide powerful reporting functionalities to help you monitor expense reporting, allowing you to catch fraudulent behavior.
With Apptricity Expense, the system can issue hard or soft stops with its rule settings. Hard stops will not allow the expense to be submitted, while soft stops will issue a warning but allow the process to go through. Soft stops will be flagged in the system, and you can customize your settings to audit all of those flagged items, in addition to a percentage of non-flagged expense items. With these unique audit capabilities, Expense provides peace of mind to businesses that are in danger of fraudulent expense reporting. Keep your AP Staff happy too, by taking policy enforcement out of their hands with an automated system.
Problem #3: Unhappy employees due to delayed expense reimbursement – How can you speed up the process to keep your team happy?
Many employees feel that they are their company’s bank when it comes to expenses. With a manual system, it takes companies much longer to reimburse an employee for their expenses. According to the TriNet Expense Study conducted by Wakefield Research in May and June of this year, 3 out of 5 employees have experienced problems paying their personal bills while waiting for reimbursement. An automated system allows the expenses to be submitted and approved faster, resulting in a quicker turnaround time for reimbursement. This alleviates the employees concerns, while providing them with an easier expense system to use.
An automated expense system can alleviate many of your company’s problems. It is a win-win situation for both the employee and the employer.