As a company grows and its workforce expands, so does the complexity of managing business expenses. Manual management of expense reports leads to an exponential increase of workload and processing cost, starting from data retrieval to reimbursement and archiving of receipts while including all the various approval, verification, and accounting processes. Management solutions offered by specialized software streamline, simplify, and centralize the processing of expense reports in companies.
To optimize expenses and control the company’s budget
Management of physical expense reports is still common practice in companies today, even though it is associated with long processes and time-consuming tasks for the various participants in the approval and accounting roles. It also makes it harder to get a clear picture of the firm’s finances and expenses. The advantages of an automated management solution are therefore numerous and benefit multiple levels in the company’s organization.
To have a comprehensive and detailed view of expenses
Automating expense report management with a digital solution is an asset for the company across the board, and allows for better control of the expense policy. Accurate data and detailed indicators also become readily available, which, in turn, improves financial visibility, thus optimizing expense management, and increasing the company’s responsiveness. Digital solutions also offer the possibility of planning for future expenses and managing them according to the company’s projects and employees’ missions.
To simplify the job of the administrative and financial departments
Thanks to the functionalities of an expense report management software, financial and administrative managers and executives have access to all the information related to employees’ professional expenses, with compliance issues systematically identified. Data entry errors, which are common with manual management, are eliminated: the digital solution instantly flags duplicates, inconsistencies, and missing receipts. Automated management solutions also update systematically to keep up with regulatory changes and remain compliant with the firm’s policies.
To save money for the company
Costs of expense management are significantly reduced when a company switches from paper to a digital solution. With a real-time view of business expenses, expense policies can be quickly adjusted, and high-spending behaviours can be addressed. An automated solution also cuts down on the time HR teams spend to process expense claims and receipts, consequently reducing their expenses down the line. Relieved from these low-value-added tasks, financial and administrative managers can finally focus on their core missions. Lastly, the dematerialization of documents significantly brings down storage and archiving costs.
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With our OCR, all fields such as VAT, currency or amount are automatically detected. With the electronic archiving, your expense receipts are stored in a secure cloud, no more paper.
Automate expense management to optimize the management process
With the automation of business expense management, the entire management process is optimized. Among other advantages, expense management software contributes to the simplification of time-consuming tasks, the reduction of internal conflicts, confidence in the process’s legal compliance, and fluidity of management for international companies.
To free employees from a tedious task
The manual management of expense reports is infamously considered a time-consuming task for the various departments involved: processing a paper report requires the employee to first file a claim along with supporting proof of payment (which can be a ticket, an invoice, or a bill); the claim is then taken to an approver with varying levels of complications; after the approval is checked by the administrative and financial departments, the accounting treatment is finally cleared and the claim is archived. Manual processing is understandably prone to errors and can lead to delays in reimbursements.
A digital solution saves time for everyone in the company. First of all, it allows employees to file their notes more quickly and to digitize their receipts before any loss or damage is incurred. It also provides them with practical tools that calculate, for example, the mileage allowances. Managers in charge of checking and approving expense reports benefit from better visibility and simplified procedures. They can be informed at all times of new claims to approve via notifications or emails. Approval workflows can be organized according to the type of request, the different departments, or the amounts in question. It is also possible to reduce and simplify the entire approval process, with a simple intervention at the n+1 level before forwarding the file to the administrative and financial departments.
The finance team is also relieved of the tedious data entry and verification tasks, thanks to the software’s detection of VAT rates and amounts to be reimbursed, as well as its automatic transfer of data from receipts, and legal compliance checks.
To increase employee satisfaction
Because the employee experiences less frustration when it comes to making expense claims, automated expense management software increases general employee satisfaction, and therefore improves the organizational climate. When employees pay themselves for their meals or accommodations during business trips, their finances are significantly impacted, and so they expect to be reimbursed as soon as possible. Automated expense management reduces the time it takes to process expense reports and allows for faster reimbursement. Out-of-policy or missing receipts are also instantly detected by the application. The risk of internal conflicts is thus reduced in several ways. Problematic situations related to lost or illegible receipts are avoided as well. Employees no longer have to spend valuable time searching for lost documents, or rectifying missing or incorrect entries in their claims. As a result, internal organization and communication between departments are optimized.
To help calculate the VAT
Reimbursements of expenses sometimes open the door for VAT recovery for the employer. This is particularly the case for meal expenses and some fuels costs. When done manually, the VAT recovery process is a complex and time-consuming task, and amounts that were initially recoverable are now lost in paperwork. The use of software automates and systematizes VAT recovery: processes are simplified and secured, with the assurance that all recoverable amounts will be recovered. Finance departments no longer need to manually check each ticket and apply themselves to distinguish various VAT rates applied to, for example, food or drinks from a meal invoice. Automated calculations are also fast and error-free.
To avoid data entry errors and data loss
Any manual task, especially when it is complex and involves different people or multiple entries, is prone to human error. Managing expense reports is one of the most complicated and important processes in large companies and has significant financial implications. Automation reduces the need for human intervention in expense report processing, thereby significantly reducing the risk of financial loss or tax non-compliance due to:
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Loss of supporting documents,
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Data entry errors,
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Calculation errors,
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Duplicate entries,
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Claims that do not comply with the company’s spending policy,
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Filing incidents.
To help manage international companies
Managing expense reports in an international company can be particularly complex, due to the difficulty of centralizing data from across the globe: depending on the country, expenses generated by professional missions can vary, currencies are different, and so are tax regulations and workers’ rights. Automated expense report management solutions are a must for international companies to optimize their expense reimbursement policy and gain visibility into this type of expense. Moreover, a digital solution enables fast and secure data transfer worldwide. Local specificities are taken into account and analytical features provide global visibility into international expense management.
Having an expense management mobile application is now a fundamental step in the digital transformation of companies: SMEs and large international companies alike gain in security and efficiency. A useful solution for all employees, an automated expense report software saves time and money, while considerably reducing the risk of internal conflicts and non-compliance with tax regulations.
Our solution is dedicated to the moblity management. In addition to the expense reports management you can plan, book and track your business trips. It is also possible to manage your car fleet.
