Top Companies Have Stopped Doing Expense Reports On Paper, Here Is Why You Should Too
Do you find any joy as a business owner going through line item wise all the expenses your team did, and approving them for reimbursement? I doubt there is, time can be spent on thing to get done, but this is a very vital task isn’t it. While managers and team members expect all approvals on time is they want to be reimbursed. Think about it all expenses in handwritten in a sheet of paper with receipts attached nicely, a summary with proof of work attached for approvals.
What is joy, if all of that was on a mobile app with a swipe here and there and all is done! If the computer can take care of any oddities & limits and policies checked even before they can submit the expenses. Managers and team members post their expenses at the ease of their home and not wasting valuable time in the office doing all of this necessary reporting. Wowooo that is Joy full.
There are plenty of reasons why you should consider switching to an expense reporting solution, but below we’ve come up with the top five reasons why it’s time to finally ditch the pen and paper.
1. Vanishing receipts.
ah, “Sorry mam, the counter did not give me any receipt”, “Lost the receipt on the way back”, “Did I not attach it, Oh crap where is it now”, does this sound familiar, not just their faults alone, have to take care of that tiny piece of paper for entire month, few of them will get lost.
2. Spend 130 bucks. Get reimbursed for 30.
With paper reporting, this is bound to happen. When you have so many backlogged expenses to record, it’s easy to report incorrect values or scribble numbers that are illegible to managers reading your reports. If you’re not careful, these mistakes can add up, and over time, you may lose out on money that you should have had reimbursed
3. Time is (not) on your side.
Do you really want you, team members, to use up their time on creating the most accurate and beautiful expense report, or really be doing stuff what you appoint them for in the first place? Sales teams, for example, are always thinking of what avenues they can use to find new leads, as well as how to convert those leads into customers. Now, imagine salespeople having to take time out of their day to write down their daily expenses on paper and report them to their manager. This massive time loss applies to every team in a company.
4. Expense Reimbursement takes too long.
The expense approval process does not always mean between two people. A lot many levels of approvals can be involved in departments and different area of operations. This can take even longer when one manager has to approve several reports at the same time. For example, finance teams often have to handle ten times the number of reports that other employees have to handle. If this process were automated, it would only take two days, if its paper-based, hmmm, Really LONG.
5. Double the work for the Finance team.
Finance teams are normally always loaded with dealing with paperwork and dealing with company accounts. Imagine they also now have to reconcile Credit card / Debit card statements, receipts and also book them into correct expense heads and cost-centers, taking the finance team’s energy and resources away from more important tasks. And what if they also had to audit them, I can only imagine their plight during year ends and quarterly results.
Save yourself time and money by switching to an expense reporting solution. We understand one size does not fit all, so our solutions will be tailored according to your needs.
Get in touch with us today.