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Online Expense Reports Ease Company Expense Reporting Woes

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On average business professionals in the United States log around 452 million business person-trips (one person on a trip in paid accommodations) to places 50 miles or more from home, according to the U.S. Travel Association. If employee travel is a part of your business model, you need to be able to accurately and efficiently monitor what your employees are expensing, make sure those expenses are within your spending policy and quick reimbursement turn-around for those traveling staff members who used their personal credit cards or cash.

If you are a company that is still using manual spending processes, it is time to consider implementing an online expense reporting system in order to make it easier for everyone in your organization to administer, create, approve, account and analyze expense reports. This type of software can also give you peace of mind knowing that company money isn’t unnoticeably wasted.

Online expense reports allow employees to better organize travel plans and bookings, easily create expense reports, attach electronic receipts, and complete reimbursement requests. This will eliminate many of the mistakes that often happen when using paper or excel-based processes.

Following are some of the benefits our customers tell us they experience by automating with their online expense reports:

  1. More easily establish expense policies. Establishing and maintaining expense reporting policies is important because as your company grows more people are likely to spend on behalf of it. Utilizing expense management software allows you to establish company spending policies, which includes setting up policy flags if employee spending is out of bounds, adding in additional approvers if spending is over a certain dollar amount, etc. One of the best practices includes submitting and approving expenses in a timely manner. This can go a long way toward ensuring there will not be any punitive measures such as paying for late credit card charges – things that cost the company more money in the end.
  2. Save money on expense report processing costs. With the combination of rising travel costs and poor conformance to travel policies, there will be wasted money. Using online expense management software helps organize business travel documentation, paper receipts, travel vouchers and expense reports.
  3. Empower employees to quickly create and submit expense reports. Employees can easily use everything from travel booking integration, credit card transactions, to mapping technology to easily add expense items to their expense report. If they do not remember a policy, the software includes Visual Policy Cues to alert employees they are out of their spending bounds. There is also a mobile app for creating and submitting reports on the road. And, there is multi-currency support that leverages both current and historical conversion rates.
  4. Enable managers to approve with confidence. Typically, department managers are responsible for enforcing expense policies. They must be given the authority to push back while approving expense reports. It is their job to explain the company’s policies and enforce proper business traveler behavior, to prevent expense fraud, which is something that travel expense management software helps do intrinsically.
  5. Offers expense management analytics. Analytical capabilities enable a company to have visibility into effective expense forecasting, enabling better planning and budgeting, which for most organizations makes up a large portion of annual business expenses.

Online expense reports simply work better than the manual, paper-based systems that still plague many companies. Using online expense reports provides a new level of control over business spending, improving everything from expense report creation, approvals, credit card payments and reimbursements. Expense reporting becomes easy and the report can be completed before your employees are back in the office.

Now that you see how easy it is to enter and keep track of your on-the-go expenses, why don’t you take ExpenseWatch expense management software for a test drive. It’s easy and free. Sign up here. Or if you have questions our online expense management system, fill in the form on the right and one of our experts will reach out to you shortly!

(Posted 3-24-15)

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