Expense reporting solutions have made large advances in recent years. If you haven’t reviewed your expense reporting process lately you may be short-changing your employees, accounting team, and operational budgets!
There are six key indicators that your expense reporting process is under-performing.
INDICATOR #2: Your Accounting System And Expense Reporting System Are Out-Of-Sync
Are you always making Expense journal entries? Do you spend too much of your time chasing expense report filers with coding questions? If the answer is yes, your expense report “solution” may be the problem!
Basic to an effective expense reporting system is Automatic Accounting Integration.
This integration should meet three key requirements:
- It should work bi-directionally: Your expense system should import data in the same manner it extracts data. Vendor, project, and approval hierarchies should flow seamlessly into the system. Extracts to “target” modules like GL, AP, and Payroll should be error-free and require no manual intervention.
- It should take care of all your code mapping: Data integration should be 100% mapped to the specifics of your organization. You shouldn’t accept extracts that are nothing more than large file dumps that have to be pre-processed (by you) prior to loading.
Related Article: 3 Surprising Ways Same-Day Expense Reimbursement Benefits Your Company
- It should give YOU control of the frequency of data loads: Too often we hear administrators of other expense solutions say, “We get a feed X times a week from our provider.” Why let your provider control the frequency? You are the customer, you should control the frequency of your data imports and extracts!
- Flawed or incomplete data integration: It can, by itself, undermine your expense management process. Compensating is labor-intensive and often produces disappointing results. The good news is that doing integration right is routine for some solution providers (like us).
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.