One of the most tedious tasks that every company must face is reporting expenses. When handling this responsibility manually, employees waste valuable time and risk making costly errors. Plus, the simple reality is that so much of business happens online today. By keeping old processes in place, your business cannot advance in the modern world. Report Tracking Software-
This doesn’t have to be the case for your business anymore. That is where expense report tracking software comes into play.
Corporate expense report tracking software is not only easy to use, but it also doesn’t break the bank.
Here are some of the greatest advantages to making the switch:
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1. Reduce Errors and Energy Wasted
One of the key reasons to invest in HR software with expense report tracking feature is that it can reduce human error. The more traditional method is to track expenses with superfluous paper reports and receipts that an accountant then has to log into an expansive file system. This can lead to missing files and a lot of wasted time.
Expense report tracking software allows employees to submit their receipts from any device. Managers can then view the submission and move them onto the next step of the process quickly. Because all of the submissions are through the software, you don’t have to worry about reports or receipts being lost.
2. Boost Employee Satisfaction
As stated previously, with expense report tracking software, employees can submit their receipts from anywhere, while managers can quickly view the submission to send onto the next stage. This means that the turnaround time for employees to be reimbursed is much quicker than the traditional method of tracking expenses, which would involve an employee submitting their receipts and waiting for it to be looked over and logged into a spreadsheet.
When employees do not have to wait long for reimbursement, they feel more engaged with their job. This directly translates into more cash for the company. Studies show that more engaged employees leads to 21% higher profitability.
3. Increase Company Policy Compliance
The traditional method of reporting expenses can sometimes lead to fraud within your company. Fortunately, expense report tracking software can combat this issue.
The software gives you the ability to automate your company’s policies into the process. When there are non-compliant expenses, they are immediately flagged for management to review. The software also increases your employee’s policy knowledge so they will think twice before submitting a bad receipt.
Receipts can also be tagged with the category it they falls into, such as travel, entertainment, and so on. Finally, the software keeps companies compliant with the local, state, and federal guidelines with having to do with reporting these expenses and knows which ones are tax-deductible.
Expense report tracking software makes life easier for both employees and managers. The process of submitting and reviewing receipts is simplified, which means less errors and time wasted, and quicker reimbursements. The software also eliminates fraud and keeps expense reporting compliant with both company and legal requirements.
The digital age has brought major advancements for every single facet of businesses, and it is time for your business to reap the benefits by joining. Needless to say, you will want to find an expense report tracking software that meets your company’s needs today.