If you’re running a business then keeping an eye on your business expenses is important. Obviously, without knowing how much you have spent in the business, how will you manage things in the future? That’s where accounting firm reads expense report. No matter how important expense report is; there is always paper work involved in it which makes the expense report more painful process. Should you worry? Not at all. Because you have something through which you can ease your expense report and that is expense automation.
So guys, are you aware of expense report? And how it helps you automate your expenses? If no, just keep reading this article. I’ll start from the basics.
Let’s jump in now.
What is expense automation?
In simple words, expense automation is the process which helps you eliminate the most painful aspects of filling and processing expense reports. It basically eliminates the paper work and human involvement. Expense automation provides you a spend management app that walks the user through each claim.
Just dig little deeper to know…
How do you automate your business expenses?
A good automation software follows a classic structure through which…
- – Employees are able to spend their own money on a business expense.
- – Through automation tool, employees can easily log in to their expenses.
- – They take a photo of their receipt and attach it within the app. They finally submit the claim.
- – Now manager is notified for the same and is ready to approve the new expense.
- – Once the expense if approved, it will be sent to financial controller.
- – Now the controller checks the details and matches the receipt, and then process to finally click it.
- – At the end of the month, all processed claims are sent to the company’s accounting tools.
This process of expense automation keeps errors to the minimum and helps you manage your business expenses.
How helpful expense automation reports are for your business?
After knowing what expense automation is. It becomes important to know how helpful expense automation reports are. Below we’re going to highlight some important points that will help you know the answer. Have a look at them below.
✔️ Eliminates errors
So, when businesses manage their work manually the chances of committing errors become more. And they take help of a tool such as expense automation; the chances of errors occur less. In fact, 20% of expense reports are filed incorrectly. Correcting errors in the report drain the energy and time of businesses. With expense automation, there are no chances of errors to occur as the tool comes with OCR (Optical Character Recognition) technology that read receipts and ensures that they match the claim properly.
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✔️ Functions in real time
How does automation tool work in real time? Well, automation tools allow employees submit their expenses in real time and finance team always have idea about what’s been spent. So, this makes budgeting and forecasting more responsive and more accurate. There are many companies that claim expense report doesn’t work in real time. With expense automation, it is possible to see reports in real time.
✔️ Submit files quickly
There is a lengthy process which finance team follows to submit files manually. What team usually does is they find the report template, fill it out, track down their receipt, thoroughly check every detail, and finally figure out the right person to send report to. This is actually a time consuming and human energy draining process which every person would avoid doing. But with automation, they simply need to note each expense the moment it happens, and then their work is finish.
✔️ The work process is too faster
We all know that paperwork is too time consuming and doesn’t work that fast. An accountant has to go through days of painful data entry and fixing errors, right. This literally consumes their time and drains their energy. However, with automation, paperwork gets eliminated. It basically removes unnecessary and irrelevant spreadsheets and duplicates work as well. Here every claim is ready in the system and is get ready to approve by the financial controller.
The bottom line
Expense automation is very helpful process for any business that wants to maintain of their business expense. In this article you have read what expense automation is, how you can implement it in your business, and how helpful it is for your overall business. Since you know everything about expense automation, it’s time to save time, energy, and make everything simpler and faster with automation tool. I hope you liked this article and found it helpful.
If you got any query or question then feel free to get in touch with us.