Month-end juggling with stapled expense receipts eats up too much time and energy. Doesn’t it? Honestly, paper reports and spreadsheets are less than ideal for handling expense management. On the other hand, expense management software is the new kid in the town and tomorrow’s superstar. They help streamline the processes and make them more efficient and full-proof.
Here are five reasons to go digital with your paper receipts!
5 Reasons To Ditch Paper For Expense Management Software
#1: Lost Receipts
Receipts have a history of vanishing in thin air. And they do this better than any magic spell.
It isn’t easy to store them in a box or a file. They will go missing anyway.
And if by God’s mercy they stay in place until you find time to file a reimbursement for them, the ink vanishes!
Yes, and you are left to the mercy of the guessing game, figuring out whatever was written on the receipt.
How Expense Management Software Can Help:
The software’s mobile app allows you to click a snap of the receipt in real-time and upload it online. Thus you do not have any backlog and no need to collect receipts either.
#2: Wrong Reporting
It happens, you spend 500 bucks on petrol but get reimbursed for 300!
When you have to scribble down or manually enter so many values, it is easy to write or enter the wrong values. And when writing down values on paper, it is possible that sometimes the writing is not understandable by the manager or approver.
How Expense Management Software Can Help:
When you upload the receipt snap, the software smartly auto inputs the expense value, so there is no space for miscommunication.
#3: Expense Management Is Too Time Consuming On Paper
Time is money. And once lost, it’s not coming back!
For example, the sales team. The sales team is constantly on client visits, has many receipts, and is busy like a bee.
They hardly have any time to write the expenses on paper, give it to the manager every day, and get reimbursed.
This is a lot of time lost. This time can be sued to visit more prospects and find more opportunities.
How Expense Management Software Can Help:
Clicking a snap only takes a moment. And you do nothing more than launching the app on your smartphone. Go to the expenses section, click the picture and upload it. Easy peasy! And you are done here.
#4: Reimbursement Process Takes Too Long
The reimbursement process doesn’t usually involve only two people. Mostly, it goes through various levels of approval.
An additional factor here is that if all the approvals are done at month-end, the managers have to check the data of tens or more teammates simultaneously. This might delay the process further. And the state of the finance department is beyond words. With all the receipts coming for approval there, the actual process is pretty cumbersome.
How Expense Management Software Can Help:
Automating the process takes far less time. The receipts are auto-recorded, and it is easy to establish the genuineness with two-step verification.
A powerful HCM Suite can further help you by adding the total reimbursement with the monthly payout. Magnifying ease and accuracy!
#5: Double The Burden For Finance Team
It is difficult for an employee to complete their reimbursement paperwork on time; imagine the plight of the finance department.
The finance department has to deal with everybody’s paperwork and other accounting work, like inputting all the company’s data in their accounting software, which sucks all the time and energy of the department.
How Expense Management Software Can Help:
The best HCM as HROne can integrate with other accounting software like Tally and others. This small step ensures you do not have to import and export data from multiple software. Moreover, if any data is available in the HCM Suite, it can directly be shared with the accounting software—No need to input it again and again.
Safe to say, expense management system is best done by powerful software rather than paper and pen or spreadsheets?
