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How to Solve the Biggest Problems With Expense Reports
Expense management can be a very manual and cumbersome process. Employees have to gather their receipts, fill out the appropriate paperwork, and submit for reimbursement. Then your employees are expecting to be reimbursed as soon as possible, but you’re dealing with errors or discrepancies that slow the process down even more. It’s enough to make anyone cringe when they hear “expense report”.
If you’re currently struggling to process expense reports in a timely manner, we’re here to provide tips on how to solve the biggest problems with expense reports.
Problem #1: Manual Processes
This could very well be the biggest problem with expense reports. You just can’t seem to streamline the way you manage expenses. You may be struggling with using spreadsheets or pouring through stacks of receipts. Every physical touch to an expense report is time spent, which quickly adds up.
Manual processes can also increase the potential for errors or lost information. And those discrepancies can amount to money lost. It’s time to get with the times and upgrade your expense management process.
Solution: An Automated Platform
It’s time to trade in those antiquated expense report processes and jump on the automation train. Automating your expense management can change the way you look at expense reports in the following ways:
- Nix Those Errors - How nice would it be to process expense reports without having to fix those pesky errors and discrepancies?
- Save Some Time - Automated expense reports means more time back in your day and more timely reimbursements.
- Ditch the Paper - Eliminate those mountains of receipts and never lose track of information again.
Problem #2: Disconnected Systems
Perhaps you’re struggling with using multiple systems and spending countless hours re-entering data. This can be a huge pain and is definitely not a productive way to spend your time. Using multiple systems to manage your expenses can also create a breeding ground for errors and incorrect data. This type of approach to expense management can do more harm than good.
Solution: Unified Data
Automation is a great start to fixing your expense reports issues, but unifying your data will take your expense management to the next level. Ditch the multiple systems with multiple logins and consolidate your data into a centralized location. Unifying all of your data into a single, connected process can streamline your tasks in the following ways:
- Everything in its Place - With unified data, you can consolidate your expense processes into one place for better management.
- Scale to Size - An expense management solution that unifies your data will scale and adapt as your company changes.
- On the Go - Capture spending whenever and wherever it happens, eliminating lost receipts.
Problem #3: Cost Control
Cost control is a delicate balance of cash flowing in and out of an organization. Everything you do ultimately affects the bottom line. But how well do you know your bottom line? Do your company’s decision makers have access to actionable data? Do you have the flexibility to see the details behind every dollar spent? If you don’t have an efficient way to see how your company is spending, you can never expect control costs.
Expense automation results in a 59% decrease in the cost of every expense report transaction. A comprehensive expense management system will give you complete transparency into your company’s spending habits, so you can better control costs. Implementing an expense management solution that gives you complete transparency helps you in the following ways:
- Checks and Balances - Identify trends in time to take action and stop bad spending decisions before they happen.
- A Finger on the Pulse - Visibility into expenses decreases the cost of each expense report from $41 to $11.1.
- The Right Stuff - Having a single, accurate view of data allows for smarter decision-making company-wide.
Problem #4: Complicated Expense Report Process
When you utilize tools and processes that are complicated to use, employees will not adopt them and you will not see a return on your investment. If your employees are having to pool their paper receipts together, fill out antiquated expense spreadsheets or forms, and wait forever to get reimbursed, it’s time to breathe new life into your expense report process.
Solution: Focus on Ease of Use and Adoption
When you choose a solution with a focus on ease of use and adoption, your employees will be more inclined to use it. Your expense management solution should simplify your workflows in the following ways:
- A Crowd Pleaser - Mobile access, pre-populated expense reports, and expedited reimbursements make for happier, more productive employees.
- Picture Perfect - Employees can take pictures of receipts so you have accurate expense capture.
- Keep it Simple - Empower your employees with an easy-to-use solution for better adoption.
Seize the Day
Today is the day to solve all the problems you’ve been experiencing with expense reports. You don’t have to continue slogging through an inefficient process that has you spending hours on paperwork with unhappy employees waiting on reimbursements. Remember, look for an expense management solution that provides the following:
Total transparency into spending
How APS can help
APS has partnered with Concur to provide you a suite of business solutions to manage your workforce and expenses. Expense management is a part of all businesses. APS can help you manage your workforce, while Concur can help you manage the expenses. Contact us or call 855.945.7921 today to schedule your free demo.
APS brings innovation and scalability to modern workforce management. Our clients, their employees, and our partners deserve intuitive technology delivered with personalized service and support. APS understands the challenges organizations of all sizes face, which is why our unified payroll and HR solution is built to address all aspects of the employee lifecycle.
Concur Technologies, Inc. provides integrated travel and expense management solutions. It is an American travel management company headquartered in Bellevue, Washington with additional offices in Vienna, Virginia; Eden Prairie, Minnesota; Europe, Asia, and Australia.
The company was established in 1993 and was co-founded by Steve Singh, currently the Chairman of the Board. It has grown to more than 20,000 customers and 25 million travelers in over 100 countries.
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