There’s no denying that running expense reports and business expense management can be a major pain for any business. But at the same time, it’s a fully necessary aspect of running a business as well.
And while many smaller businesses handle their expense reports manually, for larger global companies and corporations, handling expense management manually is simply not a realistic option.
The more your company grows, the more and more compelled you should feel to turn to using a high quality expense reporting software solution.
Here are the top five reasons your company needs to use expense reporting software:
Reason #1 – It’s difficult to track paperwork
When you’re running expense reports manually, there’s a lot of paperwork involved and it can be quite difficult for employees to keep track of everything. Papers can easily be lost or reports can be forgotten to be turned in, which will obviously lead to problems.
When using software, there’s no physical copies of paperwork or documents that you need to worry about, and it’s simply easier to track everything that you need to. It’s just one of many benefits that come with automating processes, but another benefit is…
Turning your physical paperwork and documents into digital form does far more than simply make everything easier to track. It also automates your expense management procedures for you, which in turn will make digital scalability a reality for your corporation.
Reason #2 – Digital scalability becomes a reality
As previously repetitive tasks are now automated, your employees that used to work on expense tracking can now focus on other priorities for the company. Your expense reporting software will continue to help manage the expenses of your corporation as it continues to grow.
Reason #3 – Saving time
Fundamentally speaking, automating your expense reports can help your employees to save on time, collecting receipts, filing reports, going over documents, and anything else like that is simply going to be very time consuming.
On top of doing their other business duties, your employees also have to worry about tracking paperwork on and having everything turn in all time. Again, automating your expense management will streamline everything for you and also means that employees don’t have to manually approve each claim that moves through.
But the fact that automating your expense reports with expense reporting software will help your employees save time, reduce the chances of important documents being lost, and make digital scalability a reality for your corporation all at once is really only part of the story. That’s because each of those three things together will.
Reason #4 – Improve employee satisfaction
When your employees are more happy working for their company, their motivation and productivity improves. It really is that simple. And forcing your employees to manually submit expense reports when you could just as easily automate them is going to hurt your employee satisfaction.
You don’t want to burden your employees with claims and expense management processes that are overly complex and that could just as easily be handled by software. If you were an employee, would you want to be spending your time doing that?
Obviously not. When you automate as much of your company’s processes as possible in order to ease the burden on your employees, you’re going to see much greater employee productivity. It really is that simple.
Reason #5 – Saving money
Last but not least, the final reason to turn to software to manage your corporations expenses is because it’s much cheaper than having your employees do it anyway. The average cost for manually processing an expense report will come out to around $30. But when you turn to automation, that cost will drop to around $5 to $10.
That’s a pretty sizable margin, and it’s going to add up quickly. And in addition to dropping the cost for each individual expense report, many expense management software offer additional features that will help your company to save money as well.
Utilizing expense reporting software
There’s no question that expense management is already one of the more challenging aspects of running a small business, and it’s an even bigger challenge for larger, global companies and corporations.
No longer is expense reporting a mundane and insignificant task, and that’s why utilizing expense reporting software will be a necessary thing to do for any large company.