Every company large and small has expenses they report. There are of course many ways to go about reporting expenses and maintaining records. For a lot of companies, the cost of having a person or persons dedicated to processing expense reports more often than not outweighs the cost of having a fully automated expense management system. Often times the bigger the company, the more difficult it is to make a change and yet the greater the need. The change however normally amounts to large savings not just in dollars spent, but also in employee time and productivity.
The Cost Benefit to Expense Report Automation
Companies that are manual in their expense report processing (paper-based, excel, etc.), stand to benefit the most from making a change to an automated expense reporting system. The average cost per expense report with a manual system is between $30 and $70. The price per expense report with an automated system is less than $15. Whether you’re on the high end or low end of the average cost spectrum for a manual process, the savings are clear.
The Human Cost of Expense Reporting
All expense reports require human input and time. The trick is minimizing the amount of time and effort required to capture all of the necessary info. One way to save time is to take pictures of receipts from a cell phone and upload them directly to the expense report system. Another way time is saved is by having corporate issued cards that feed directly into the system, minimizing time required and human error. There are a multitude of ways that an automated expense reporting system can cut down on the human cost involved with processing expense reports, the advantages will vary slightly by company and need.
Mileage Tracking and Reimbursement
Most business expense management “solutions” simply provide front-end expense report software, with limited back-office services support. Only InterplX offers an automated business expense management solution for every step of the expense management process – from expense report submission and receipt imaging to expense auditing, discrepancy resolution, and expense reimbursement to both the employee and the corporate card.
And best of all, our industry-leading expense management solutions can be modified to suit your specific needs at the lowest total cost to you.
Our Expense Report Management Solutions
ExpenseNet® is a business expense management software solution that can be configured to meet your specific Travel and Entertainment (T&E) expense management and Purchase Card (P-Card) needs. Developed by InterplX, ExpenseNet® is a major component of our expense report automation offering. Provided as an on-demand Software-as-a-Service (SaaS) solution, our unique web-based expense reporting software is designed to enable quick, easy deployment at the lowest possible cost.