A real headache for companies of all sizes and sectors, managing expense reports is a time-consuming activity that is particularly prone to errors and inaccuracies. So, how can you free yourself from the task?
Driven by digital technology, new solutions to make life easier for accounting departments have emerged in recent years. The result: a clear time saving thanks to the optimized and efficient processing of expense reports. A real revolution within the company, both for managers and employees!
In this article, discover four good reasons to opt for expense management software.
1-Expense report turnkey solution: a significant time saver
Compared to processing expense reports on an Excel spreadsheet based on paper receipts, managing expenses with dedicated software has many advantages.
Thanks to a management solution such as the one proposed by N2F, filing and archiving expense reports no longer needs to be a tedious process! Employees simply take a photo of their receipts with their smartphone and that’s it. The smart scan integrated into the application retrieves all the data needed to record the expense reports: amount, currency, date, VAT rate, etc. This information then goes through a process of operational and administrative checks before being validated.
The predictive functionalities of this 100% paperless tool can make your expense report processing five times more productive. A huge time saving on a daily basis!
When it comes to currency conversion or mileage allowances, calculations can quickly become tricky and complicate expense report management. Thanks to the software, this type of expense is managed automatically. Here too, the software offers real time savings, especially for companies with international operations or different geographical locations. Receipts are processed in real time. This means that employees are reimbursed quickly when they have paid for expenses in advance. There’s no hassle at all! In turn, dashboards and data analysis facilitate the overall management of the company’s cash flow, providing more flexibility in day-to-day management. You don’t have to worry about generating reports, accounting for restaurant vouchers, or managing re-billable expenses. Your life is suddenly much easier!
2-Improve your expense report processes
Thanks to the smart scan functionality available on the mobile app, supporting documents are collected and registered in no time at all. The risk of making input errors is significantly reduced and the risk of losing data is completely eliminated. You can finally put your mind at ease in this respect!
The possibility of categorizing expenses according to their nature (accommodation, food, transport, etc.) greatly facilitates the task of the company’s accountants. Processing, analysis, data entry, and reimbursement are automated thanks to the management software. It also helps to rationalize and standardize the processes by legal entity and by department, which improves the quality of expense report monitoring by the respective heads of the various departments. Everyone will be satisfied.
Generally speaking, expense report software ensures the accuracy of the data entered and stores them securely: significant advantages for conducting your business with peace of mind!
3-An expense policy “really” under control
The company’s expense policy is precisely controlled by means of management tools such as the one designed for expense reports. Thanks to the analysis of usage and different expenses, it is easier to define and deploy the most appropriate expense policy with consistent warning limits. You can call a halt to wasteful expenses and all kinds of abuses!
For company managers and executives, it is much easier to obtain a global view of the expenses linked to the expense reports. If certain employees attempt to defraud the company in any way, they will be quickly detected. In addition to monitoring expenses, this tool is also very useful as a decision-making aid, particularly with a view to reducing the company’s expenses in order to improve its profitability. For example, it is possible to configure the tool so that all expenses that do not fall within the company’s expense policy are automatically rejected. The software is fully customizable, making it adaptable to all types of structures. As is often the case, flexibility is the key to success, and N2F has fully understood this.
4 – Savings and increasing efficiency: the keys of success!
Using a mobile app to retrieve expense reports allows you to process them as you go, even if you are in an area without network coverage. You are finally free to travel to the most remote areas of the world without the fear of misplacing or forgetting to account for your expenses.
In addition, by eliminating the processing of paper receipts, employees save time and are more productive at work. There’s no need to spend hours sorting and scanning receipts at the end of each month.
As for the accounting department, it is undoubtedly the service the most affected by the efficiency of this management software. Employees in this department can now concentrate on tasks with higher added value, rather than having to chase their colleagues repeatedly or trawl through expense reports looking for possible errors. Duplicates are automatically detected by the software, which then eliminates them.
Opting for expense report management software offers an appreciable daily comfort for all employees, managers and staff alike. Everyone can gain in productivity by offloading time-consuming tasks relating to expense report management. Management becomes more fluid and the headaches associated with expense reports will become a thing of the past! More reliable and transparent, this solution offers a clear and precise vision of the company’s expenses and is an excellent decision-making tool. It enables you to optimize your accounting management and your company’s operations in general. Do you have an information request or a question? Contact us!
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