This year is shaping up to be pivotal for business as companies look to boost profits and make inroads into new markets. But growth takes money which of course impacts the bottom line.
Controlling financial output becomes critical. However, many companies still use outdated expense reporting systems which puts them at a major disadvantage against their forward-thinking peers.
Enter expense reporting for the year 2020.
First, let's explore some problems that can arise by using traditional paper or spreadsheet-based expense tracking systems:
This won't come as a surprise: paper and spreadsheet-based expense reporting takes time. Reports need to be created manually, submitted, processed, approved, and cleared. In some cases, the process can take weeks or even months. This timeline can result in delayed payments, slowing down your business and frustrating workers.
Employees often submit expense reports without receipts, opening the door to fraud, errors, and abuse while creating challenges during financial audits. Companies tend to be less strict about expense reports when there aren’t any formal policies or mechanisms in place for processing employee payments.
Manual expense reporting is very insecure and can leave sensitive transactions — like strategic trips or executive purchases — open to employees who shouldn't see this information. Companies should always avoid managing expense reports without proper access controls in place.
The solution? Going digital with your expense reports. Here are some of the benefits:
Paper is highly-resource intensive and takes a toll on the environment. Paper expense forms need to be transcribed, processed, and filed. Paper also needs to be purchased and stocked on a regular basis. Digital apps are far less expensive, provide more accurate data, and are a more sustainable record keeping option.
Paper and emails can remain stagnant within inboxes for weeks on end. However, digital reports can be sent along with SMS triggers ensuring that administrators receive alerts and respond quickly with approvals. This system reduces payment backlogs while supercharging productivity and accelerating incident response.
Digital apps can also provide advanced reporting features, making it possible to track daily, weekly, monthly, or yearly employee or departmental expense patterns. A company can track annual expense reporting over time and use that information to make better decisions about the next year’s budget.
For most companies, financial expense reporting is a laborious and inefficient process.
The good news? Mobile expense reporting apps turn the process into a strategic asset, helping to reduce waste and risk while improving back office efficiency. Ultimately, making the change delivers more value to your customers.
Check out how AppSheet’s no-code platform can help transform expense reporting.