All businesses must keep track of their costs of conducting business, which includes managing spending. To be reimbursed for out-of-pocket expenses, employees must submit expense reports. Managers must approve these charges for reimbursement, track how much the company spends on T&E (travel and expense), and document everything for tax purposes to guarantee that the company may claim all applicable deductions.
By streamlining the process in five areas, automated expenditure reporting software helps firms streamline T&E operations, increase efficiency, and raise the bottom line.
Employees can upload expense reporting and supporting documents, such as images or scans of receipts, directly into the software from their laptops, tablets, or cellphones, obviating the need to fill out paper forms or keep track of sales slips. Reimbursement is hastened, putting money back in the hands of employees and removing the frustration that comes with delays.
Additionally, as new and improved collaboration tools improve the experience of remote teams, the number of people working from home is projected to rise for organizations that offer the option.
As a result, businesses want a simple method for employees to submit expenses and receive reimbursed at any time, whether at home or on the road.
The advantages also apply to finance departments
Efforts to increase efficiency while lowering expenses are currently a top expenditure management trend. Here are four ways that software can assist:
According to research by the Association of Certified Fraud Examiners, expense reports were found to be the source of 11 per cent of fraud