Growing companies can optimize their administrative management by going paperless for certain procedures. By switching to fully paperless expense report entry and validation, you are choosing a simplified and secure process. Digital solutions also offer several very advantageous options for fine-tuning your company’s global strategy. If you are still hesitating between manual management, Excel, and expense report management software, here are 7 arguments that will help you see the advantages of an automated solution more clearly.
7 reasons for implementing expense report management software
1. Time savings
Manually managing expense reports is a laborious process for everyone in the company. With a software tool, the process is shorter and everyone wins:
- Employees enter information in real time on their smartphone as they perform their professional assignments, scanning their receipts in just a few clicks;
- Accountants benefit from the automation of the process, and are freed from certain tasks, such as verifying VAT or transferring the document into the accounting system;
- Managers can view and control all expense reports from within the application.
2. Employees’ peace of mind and productivity
When the management of expense reports is automated, expenses are processed and validated as and when employees enter them. The accounting department is no longer weighed down at month-end by a mass of documents to be checked, and can organize a less-pressured management schedule. The relationships between your company’s different departments are improved as is the productivity of your employees, who have more time to perform other assignments.
3. Simplification of the process
The management software’s intuitive interface enables employees and accountants to manage expense reports easily. All amounts related to evolving regulations, such as VAT and regulatory allowances, are calculated and updated by the software: there is no room for doubt or interpretation.
4. Speed of reimbursement
With real-time data entry and an accelerated validation process, the time to reimburse expenses is reduced. Amounts are transmitted directly from the management application to your company’s bank transfer system or payroll software.
5. Reducing the risk of error or abuse
Automating the process also helps to avoid potential input errors, omissions, and duplications. The software identifies inconsistencies in the reporting of amounts and informs the employee. The accounting department’s validation work is thus facilitated, and errors or fraud attempts, which cause large losses for companies, are significantly reduced.
6. Centralizing data
By implementing paperless expense reports and receipts, the company guarantees direct and secure access to all data. Unlike paper-based archiving, online storage saves time for employees who want to retrieve and share a document, especially in the event of regulatory controls. Centralized data management is much more secure and convenient.
7. Improved control of expenses
The expense report management software can also be used as a visualization tool. Managers retrieve the data from the dashboard and can present a clear, visual overview of the company’s expenses to their employees. This facilitates their analysis and helps improve the company’s expense policy. Managers just need to configure the software to adjust reimbursement terms and conditions according to their needs and projects.
You will have understood by now that automating your expense reports via a dedicated software solution has many advantages. But you still need to find the right solution among the many available. To make the best choice, you need to determine your company’s needs and look for the tool that meets them as completely as possible.
Why choose N2F?
The N2F expense report management app combines web and mobile tools and evolves according to your company’s needs. Particularly adapted to mid-market companies, N2F has been designed to simplify the tasks of entering, validating, and controlling expense reports, while also ensuring that the data are secure.
The application is a complete solution, with advantageous features that make it a great ally in your expense report management process.
Automatic entry
Once the employee has photographed the receipt using the app, N2F’s smart character recognition system extracts essential information from the invoice to automatically fill out the expense report form. It is the fastest smart scanner on the market.
Smart algorithm
The application calculates the amounts to be reimbursed based on the criteria defined by the company’s expense policy. Once configured, N2F takes into account the different categories of expenses and their limits. So, as soon as they are entered, the amounts are checked and validated by the software. In case of doubt or error, the accounting department is alerted directly.
Accessibility
All data can be shared securely through a dedicated company cloud. In addition, the number of application users is unlimited, meaning that new expense reports can be entered, checked, and analyzed simultaneously.
Legal compliance archiving
With the N2F app, all data are centralized in digital form. Legal compliance archiving allows you to store, trace, and retrieve documents related to expense reports easily and securely.
Accounting integration
N2F is compatible with all accounting software packages. Expense reports and receipts are exported from the application to the company’s accounting software, without human intervention. The accountants then have access to a personalized interface to process the data.
Automatic updates
The application is configurable but does not require manual updates or additional costs. All changes in regulations (VAT, currencies, regulatory allowance scales, etc.) are automatically applied to the forms in the application.
Conclusion
By integrating expense report management software into your company, you will save time and money and achieve peace of mind. A management app coupled with a software package is without a doubt the optimal solution for many SMEs and Mid-Market-Enterprises. Intuitive, scalable, and equipped with smart features, the N2F application fulfills all the requirements for optimizing control of your expense reports and improving your company’s expense policy.
