How to Avoid a Backlog of Expenses
It's hard to envision; but back in the day, all businesses kept actual logs of transactions. Those giant, hardbound notebooks were the official records of business. They were so important that even in today's digital world, we are instructed to −log on/off.
Unfortunately for some businesses, the word −backlog's has stayed around − meaning they have uncompleted reviews of expense reports.
ExpenseWire is an online expense management system that can help you avoid a backlog of expenses. Firstly, it eliminates paperwork. Your accounting team no longer waits for employees to manually fill out a form, gather and staple the accompanying receipts, and mail the package to the head office.
All expenses are entered online. Digital copies of paper receipts are submitted with the online report. ExpenseWire has a mobile interface so your employees can submit reports from anywhere at any time. And in fact, most expenses are pre-approved, based on policy rules you set in the system.
Automated approval workflows are another feature that avoids backlogs. You set the rules for who reviews expense reports (and at what dollar amount). The reviews are done online and with the ExpenseWire mobile interface, the reviews can be done from anywhere at anytime.
When a manager approves the expense report, it is automatically submitted to accounting. The benefits are faster review cycle time, improved reporting accuracy, and enforced company expense policy.