A Web-based expense management system delivers so many efficiencies over a manual, paper-based process. Let’s look at the two main categories: cost savings and productivity.
- Up to 63 percent on expense report processing costs with streamlined approval cycles
- Up to 50 percent on expense review and approval time
- Up to 57 percent on travel and entertainment transactions
- Up to 60 percent on reimbursement processing costs
The five steps to an expense lifecycle are comply, submit, review/approve, reimburse, and analyze.
At each step in the process, every employee uses his/her time productively. In advance, the employee is guided to comply with company spending policies knowing that the expense report will automatically flag any overages in real time. Submitting a report can be as simple as importing credit card data or doing it from your mobile phone in transit.
Manager review/approval can also be done using the mobile interface. By viewing receipts (attached permanently to the report), any questions the manager may have are instantly answered. Reimbursement can be forwarded to cut a check with the next payroll cycle or make a direct deposit.
With hundreds of reports, charts and graphs, analysis can help your finance team gain visibility into spending for cost saving opportunities.Let us show you how expense management software can help streamline your expense reporting, here.