Many companies still manage expenses manually. When this happens, employee productivity suffers considerably. Today, the expense management process can be automated, simplifying operations, reducing time, costs and repetitive tasks that lead to resource frustration. This can benefit any company of any size and type. In this article, we will discover why automate expense management and who benefits from it within the company.
Why automate expense management?
Nowadays, companies have automated several processes using technology to streamline and optimize operations. However, there are several reasons why companies neglect expense management and the possibility of automating and optimizing this process:
- the belief that they are not big enough to automate the expense management process;
- the feeling that it is safer to use spreadsheets and paper expense reports.
Manual expense management accomplishes the work that this process is intended to do, but with great difficulty:
- time-consuming and costly;
- introduction of errors;
- repetitive and slow activities.
Automated expense management: who benefits?
Manual expense management is frustrating for everyone in the company. Specifically, who can benefit from automated expenses?
The first to benefit from this solution are employees. They want to minimize frustration during their work activities and, in order to do so, demand the adoption of useful technology tools.
By equipping employees with tools that eliminate the boredom and subsequent frustration of writing expense reports and the resulting errors, they become more productive and happier. In this way, they can pro-actively focus on the jobs they were hired to do and avoid wasting valuable time.
The one to benefit from the automation of the expense report process is definitely the finance team. When this process is done manually, there is a lot of valuable data that is overlooked or exists as hidden costs. We talk about:
- how much is spent in the company;
- who spends;
- where and what is spent.
By automating the process, it is easier to keep track of everything: errors and fraud are eliminated altogether, invoices and reimbursements are paid on time. Not least, by doing so, business decisions are based on precise and accurate data and there is a complete view of the overall cash flow.
Executives also benefit from process automation, as they want to:
- maximize profits while keeping costs down;
- reduce wasted time;
- improve the productivity of their employees by keeping them happy and satisfied.
We have seen the reasons why automating expense management and all the benefits that your company and its constituents can gain from a streamlined and accurate expense report process. We invite you to try our artificial intelligence service that can process any purchase receipt.
Want to automate expense management in your company? Contact us for any information, we are happy to answer all your questions.