Expense reports can be a major source of administrative strain for employees, administrators, and upper management. Many companies might use a manual system like spreadsheets or even printed paper sheets to manage their employees’ expense reports. Those systems are quickly growing outdated, however, as employees grow to expect a more automated system and administrators and high level mangers look for opportunities to decrease the time and costs associated with managing the expense report process, from submission to approval to reimbursement. That's why many companies are looking at automating there expense reports.
Decrease costs and waste less time.Tracking and keying in receipts takes time. When employees submit expense reports, it’s often because they’re traveling or they’re taking care of expenses for the company. Doing additional paperwork while they’re working on their original task adds to their workload and creates additional strain.
Switching to an automated software has been shown to lessen this burden and make it less expense to process expense reports.
| A 2015 Aberdeen Group report says that companies that use best-in-class T&E expense software require 43% less time to fill out an expense report.
On top of that, the same report says that the cost of processing each expense report goes down from $31.83 per expense report to $25.97. Employees and executives also spent less time per expense report, decreasing from 3 hours to 1.7 hours (a 56% savings per report).
Related Article: The Ultimate Expense Reporting Cheat Sheet
Tracking projects is easier.Then, you can decide whether to pursue the same activity in the future or whether to try something else based on the data and analytics at the end of the activity. Getting actionable insights into your organization gives you the power to make better informed decisions.
With automated expense report software, tracking projects or activities (or clients or patients or however you call your work) is simpler because employees can allocate their expenses directly to that activity. This provides your organization with valuable data about the costs associated with that project.
Simplify compliance.Managing compliance means matching up expense reports against company rules, government regulations, and even sometimes specific contracts or project requirements. When an expense report comes in, it can be complicated for approvers and managers who want to make sure that all the rules are being followed while trying to avoid spending too much time on one particular expense report.
An automated software solution allows you to input all relevant policies (and comes out of the box with some compliance regulations like DCAA and Sunshine Act compliance). Then, employee submissions are automatically validated against those policies and any report that fails too many policies can be automatically rejected and sent back to re-submission. Giving approvers any time back into their day will make them appreciative.
In addition to these benefits, automated software can also meet your timesheet and leave management needs. Learn more about DATABASICS Time + Expense™ and its robust reporting capabilities.
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.
DATABASICS is headquartered in Reston, VA.