Corporate travel and expense management comes with many painstaking tasks that make the process inefficient and cumbersome. Right from ticket booking to expense reporting, all the processes are quite chaotic when taking the manual approach. Spreadsheets and inefficient expense policies are the ones to be blamed for this. Using cloud-based expense report solution, businesses can make sure their travel and expense reporting process is hassle-free and efficient. We will illustrate the benefits that businesses get in using the expense report software.
Cloud-based expense report solution allows you to book itineraries easily. Having your booking portal allows users to make bookings without having to rely on third-party booking portals. And, your information gets saved in our booking portal and automatically gets populated in the right fields, so you do not need to enter your information again when booking. You also do not need to speak with agents all the time; booking becomes that simpler and easier with our integrated travel and expense report software. Our integrated system allows you to manage your bookings all from a single interface, thereby; you do not need to save the data in multiple systems.
Data Entry Automated
Since the expense report software comes with an end-to-end travel and expense report capabilities, you can create expense reports in a matter of minutes against the hours you would otherwise spend doing manual entry. With some data directly populated in certain fields, there is no scope for inaccuracies, manual errors or tampering with data. The automated solution takes the load off employees and allows them to utilize their time on productive tasks.
Receipt management is one of the painful tasks in travel and expense management. When not managed properly, this would result in confusion and sometimes you have to give up submitting that expense. What if you can access all receipts in one place? This is what expense report software offers you. Since all the booking will be made through integrated travel and expense software, all the bills and receipts can be automatically imported into your expense report.
You do not need to worry about physical receipts. The automated system allows you to digitize receipts and discard paper bills. Simply click the receipt you want to attach and our OCR technology will read the data and auto-populate in the expense report. The system provides you multiple features to eliminate the hassles of receipt management.
Expense report approval is another area where you will experience bottlenecks. Reviewing so many expense reports, validating them, and providing feedback will take a lot of the managers’ time. Most approvers tend to randomly check the expense reports in real-time. What if there is an automated system that does validation for you and you have to only decide whether to approve or reject expense reports. This is what exactly an automated expense software solution can do for you. This way the approval procedures will take up only little of your employee productive time.
Alternate approvers are one feature that benefits the approval process. When approvers are not available for some reason or the other, the approval process will be pending. Delays in approval process would result in reimbursement delays, which can make employees’ frustrated. The concept of alternate approvers is to allow an employee to review and approve expense reports on your behalf during your absence. The same holds for delegate users, wherein a user will be assigned the responsibility to submit expense reports for approval during your absence.
The lack of visibility over the expense reporting process will result in fraud, misreporting expenses, and lacks processes and policies. Using multiple systems for managing the processes and distributing the data across these systems would make you lose insight into the process. This is where expense report software proves beneficial as the system offers complete visibility into all the aspects of the processes. Using centralized platform will help you do the most with expense management, as the data is in one place, you can easily understand everything that is happening in real-time. Any process inefficiencies can be identified and corrective steps can be taken.
Integrating multiple solutions add additional benefits to your organization. Say, you have an accounting system through which you process reimbursements. Instead of manually entering the data into the accounting system, you can easily import using an integrated spend platform. Also, this would ensure the highest accuracy of the data you use for making reimbursements.
Cloud-based expense solutions have so much to offer to organizations in terms of making expense reporting processes efficient. You will have a simplified process while not compromising anywhere in data accuracy. Moreover, the integrated platform allows all the stakeholders to communicate effectively and seamlessly, leading to greater collaboration within the internal teams. So, the cloud-based expense reporting system is a must-have for organizations to run their operations smoothly and efficiently.