Well, we all have that one friend who often takes business trips and gets reimbursed for everything he spent on. What he has to do is to submit the receipts for expense, without any violations. This is the story of a business traveler who flies miles to achieve the revenue forecasts for the company.
Sales processes require employees in sales and marketing departments to travel frequently. Sales professionals usually require multiple meetings with various stakeholders and are required to travel very often.
With more travel, corporate travel expenses might witness a significant increase in entertainment, and general travel related expenses.
Frequent Travel Increases Business Expenses
Increased travel can increase the total cost of accommodation and other expenses with an increase in the number of transactions.
To manage multiple transactions, the finance department requires tools for implementing effective control measures.
A good travel program along with a robust travel policy can make corporate travel rewarding. Corporate travel expenses can be controlled by deploying an expense report software solution.
Why Automate Employee Expense Reporting
When it comes to controlling corporate travel expenses, the finance departments don’t have access to the data to make decisions.
If the expenses could be summarized on a department level, performance can be measured more efficiently on a weekly or monthly basis. With data recording on a daily basis, decision makers aren’t left with no option to answer critical questions.
CFOs are regularly figuring out key areas in the finance department to benefit from automation. Finance operations and reporting are the segments that could give you high returns in the long run.
Expense management is one such area in finance operations when automated can deliver greater value to the organization.
The Future of Expense Reporting
Data Extraction through OCR
Optical Character Recognition (OCR) helps you to electronically translate the text to machine-coded language.
Using the OCR feature, you can extract receipt information such as amounts, vendor names and invoice number.
The challenge is the accuracy of the data being captured by the OCR technology. An automated system should assign the appropriate category to an expense using vendor names and receipt details.
Corporate travelers can take a snap of their receipt, but can still enter the information manually into the system.
Travelers don’t want to store the receipts all the way to creating an expense report.
The ideal way is to capture receipts and use all them when creating an expense report. Eventually what an employee has to do is to select all receipts in the mobile gallery and create expenses instantly.
Expenses Remain Complaint
Besides extracting the information in the real-time, the solution should check expenses for policy violations instantly.
Powered with AI-capabilities, the solution will not allow users to file expense categories that do not comply with the corporate travel policies.
The solution checks every expense submitted for policy violation. The solution will auto-check the expenses for duplicates, errors and flags fraudulent expenses so as approvers can take the corrective action.
Administrator can filter violations and ensures only compliant expenses are reimbursed, hence expense reporting is done effortlessly.
Decentralized Expense Reporting
When your employees are given the ability to report from anywhere, anytime, why won’t they submit expense reports on time?
Cloud-based expense solution encourages centralized reporting to all business units and employees while ensuring secure access to the system.
Centralized reporting provides businesses with real-time insights into spending patterns from distinct locations, which can be leveraged when creating policies or forecasting profits.
The challenging aspect of employee reimbursement is managing exceptional claims and pending approvals.
These activities are difficult because they need active participation from multiple stakeholders, finance administrators, approvers and claimants.
Expense report software allows employees to sort out claim disputes within the system while maintaining audits on a regular basis.
Notifications can be triggered to managers asking them to approve pending expense reports and make the reimbursement processes faster. With collaboration taking the center-stage in expense reporting, all the stakeholders will be informed about the expense reporting process.
SutiExpense features a powerful data extraction engine for extracting the data accurately. Our data extraction engine helps customers eliminate violations and decrease reimbursement turnaround times by third of the regular times.
Automating the process can be the best bet for businesses to make expense reporting flawless and effective.