Let’s face it; expense reporting isn’t a task anyone likes doing.
If you’re still stuck with a manual expense reporting process, chances are your employees are losing out on working hours, while your company is losing out on money.
As per a JP Morgan study, companies with automated expense reporting systems experience a 58% reduction in processing cost as compared to companies that use traditional expense reporting means.
This brings us to the argument that an expense reporting software isn’t just a nice-to-have for businesses, especially during economic uncertainty when companies are looking to cut costs.
But can companies truly benefit from automated expense reporting? Let’s find out!
Challenges with traditional expense reporting
Companies can choose to manage their employee expense reporting either manually or by adopting tools. If your company still deals with expense reports with pen and paper or spreadsheets, it can result in employees:
- Making data entry errors in their expense reports.
- Submitting duplicate or fictitious expenses to claim reimbursements.
- Losing their productivity and morale due to the entire process being very tedious.
For finance teams, manually managing expense reports means:
- Receiving expense reports in bulk right before the deadline.
- Spending hundreds of working hours manually checking for out-of-policy violations or expense fraud.
- No 100% error-free expense reports as minor errors and violations can slip by even with thorough checks.
But all this can stop. Managing expense reports with smart technology such as an expense report software can make a difference. It can be easier to stay on top of your tax responsibilities, create better budgets, and know all about your tax deductibles. A reliable expense management process can also help you keep an eye out for potential employee expense fraud and company credit card misutilization, if ever the situation arises.
How can Fyle help with automated expense reporting?
Businesses can achieve accurate and compliant expense reports from employees by adopting an expense management software such as Fyle.
- Submit their expense reports with more accuracy and zero manual efforts
- Save time by eliminating the need to gather and print business expense reports
- Overcome receipt management challenges and back and forths with finance teams
Finance teams can
- Gain greater control over the entire operation with effective expense policy enforcement
- Spend less time manually verifying and validating submitted expense data
- Leverage data analytics to gain business insights into financial spends
- Receive IRS compliant employee expense reports on-time with zero additional effort
Watch this 1:45 minutes video to understand how Fyle can help as your automated expense reporting software:
Benefits of automating your expense reporting process
If your business has issues revolving around expense reporting, you can solve it with a travel and expense management software. By getting the software, you’re likely to start seeing a return on investment immediately. If you’re curious to know how much you’ll be saving by investing in a software like Fyle, use our ROI calculator.
In addition to saving costs, you might even find some additional benefits you weren’t expecting. Here are five reasons why automated expense reporting just makes sense.
1. Reduce manual work for both employees and finance teams
In expense reporting, both employees and finance teams have to key in the necessary information to go through with the reimbursement process. From providing expense amounts to providing category and department of spends, businesses need all expense data to accurately reimburse employees and stay audit-ready at the same time.
At Fyle, we understand the process of expense reporting can be challenging, and that is why we built an employee-friendly automated expense reporting software. Fyle provides multiple options through which employees can report their business expenses with just a click of a button. Additionally, our OCR technology can extract details from both paper receipts and e-receipts accurately. This ensures a seamless automated expense reporting experience for both the employees and finance teams.
Here’s how employees can seamlessly report business expenses with Fyle
For a paper receipt, employees can use our receipt scanning app:
- Employees simply need to click a picture of the receipts with the Fyle mobile app.
- Fyle works its magic and accurately extracts details such as amount, vendor name, date, etc. from the receipt.
- Employees can simply review and press “Save” to save the report or “Submit” to instantly submit the expense report.
- Employees can submit expense receipts from within their mailbox using Fyle’s email add-on.
- By clicking on the email add-on present in the mailbox, Fyle automatically extracts essential details from the receipt.
- The employee can then review and submit the expense report.
No matter how an expense is fyled, it automatically reaches the approver’s dashboard for approval. Also, all the approved and unapproved expense reports also appear in the Finance team’s dashboard to enable real-time insights into financial spends.
With Fyle, finance teams can eliminate manually making data entry into their accounting software. For example, if your company uses Quickbooks Online, Fyle lets you export all the expense reports with a single click. The reports and receipts are then synced with the appropriate Quickbooks Online categories and users.
2. Keep track of all your business expenses
One of the biggest challenges in manual expense reporting is keeping track of all business expense-related documents, such as reports, receipts, invoices, and bills. These documents are essential both for reimbursement and auditing purposes. But with manual expense management, it can be challenging to manage all the documents with ease.
With Fyle and its cloud receipt management feature, both employees and finance teams can store all documents in a centralized system. When an employee submits an expense report, it gets automatically uploaded to a centralized storage space.
Additionally, through a unified storage system:
- Employees can manage their receipts without losing or misplacing them.
- The finance team can get an overview of all business expense in the Fyle dashboard.
- Approvers and finance teams can also access employee business reports anytime from any devices.
- The finance team can track the status and progress of employee expense reports.
- All stakeholders can gain visibility into the expense reporting process.
5 Benefits of using a cloud based expense management software
The real benefits of using an expense reimbursement software in 2020
3. Remind employees to take action
Delays and last-minute submissions are common in the manual expense reporting process. It can be due to employees forgetting to submit or review reports or finance teams going back and forth with employees. This can cause employees to miss out on reimbursements or the finance teams using their productive time chasing employees.
Fyle is built to make your finance teams more efficient and curb all the last-minute chasing and back and forths. Fyle’s dashboard empowers the finance team to have a bird-eye view of the entire expense management process.
Here’s how Finance teams can simplify expense reporting with Fyle
- The finance team can view unreported expenses, reports that are pending for review or payment and more.
- By gaining insights into expense report status, the finance team can set an auto-reminder to remind the right person to take action on-time.
- By doing so, the finance team can not only avoid the rush towards approaching the deadline but can also stay audit-ready at all times.
4. Effectively enforce your company expense policy
According to a report,
"Nearly half (46%) of organizations report less than a 75% compliance rate with their T&E policy."
Even with a clear and comprehensive expense policy, organizations still find it difficult to gain compliance from their workforce. This can be due to a lack of strong policy enforcement.
Effectively implementing your company T&E is just as important as creating it. That is why Fyle comes with a robust policy engine to help finance teams tackle policy enforcement challenges. Using Fyle, no matter how complex your business policy may be, the finance team can rely on Fyle to enforce it smoothly.
Fyle's real-time policy checks help mitigate expense report violations. For example, if an employee tries to submit an expense that is against the company expense policy, Fyle auto-flags it to the user for corrections or reasons for violations before submissions.
The finance team can also configure the action to be taken based on the severity of the violation. For example, if an employee tries to submit an expense claim that is ten times more than the allowable cost, the finance team can set Fyle to auto-flag the violation directly to his/her approver.
- Fyle enforces your expense policies so that everyone is on the same plane. This ensures your employees are more compliant and accurate with their expense reporting. Additionally, your finance team can spend less time correcting minor errors and going back and forth with employees.
5. Automate your entire expense approval workflow
In manual expense reporting workflows, employees spend a lot of time routing their reports to the right person:
- They can be left going to one desk after another trying to get their expense reports approved.
- Even after a successful submission, employees are left in the dark with no clue about the reimbursement status.
- This can cause employee frustration as well as a loss in productivity and morale.
At Fyle, we’ve built an intelligent expense management software that can automate your entire travel reimbursement process- from creating expense reports to reimbursements. By choosing Fyle as your expense management software, finance teams can configure the workflow as per the company’s hierarchy.
- Once the workflow is set up, there’s no need for anyone to go looking for approvals or corrections.
- It automatically routes all expense reports to the right approver for review.
- In case a correction needs to be made, the report can be sent right back to the employee with one click.
- After submission, employees can have a clear view of the progress of their expense reports.
- Employees and approvers can communicate and resolve any issues under one system.
Fyle also comes with a digital audit trail that records the entire history of an expense report right from its creation to payment. This ensures proper documentation of every step involved in the expense report cycle.
Fyle as your automated expense report software
It's time to wave goodbye to your traditional expense reporting system!
Switching to an automated expense reporting software can help you save time and reduce processing costs. Fyle comes with features such as receipt scanning, real-time policy checks, auto-reminders, and automated workflow set-up. These features can eliminate routine manual tasks for your employees while ensuring efficiency, accuracy, and compliance. Not only that, but Fyle also comes with an intuitive dashboard that allows you to access your employee expense reports and have a view on the entire process.
Want to see Fyle in action? Schedule a demo to further understand how Fyle can help as your automated expense reporting!