Understanding the Need for Expense Reporting Automation Software
How Automated Expense Reporting Saves You Time and Money
Expense Reporting Basics
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 including the human cost 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
One of the biggest sources of T&E fraud is personal car mileage. Personal car mileage reimbursement is also an area where a lot of inaccuracies can take place. The best way to minimize company risk with personal car mileage is to have a solution that requires address to address mapping that is integrated into the expense reporting system. Mapping ensures a standardized approach that is much more accurate while also mitigating fraudulent mileage reports.
InterplX Expense Management is a leading provider of employee expense reporting software solutions, delivering the most complete suite of services in the industry. Using a web-based solution, InterplX offers automated business expense reporting for every step of the process: card transaction import, report submission, receipt imaging, policy enforcement, personal mileage mapping, expense auditing, discrepancy resolution, and reimbursement.
To learn more about the benefits to automated expense reporting sotware solutions, please fill out the Email Us form.