Business growth, increased mobility, international markets, optimizing administrative processes… whatever your company’s needs, five functionalities, linked to flexibility, immediacy, and productivity, are essential when choosing an expense management application. To select the best solution, follow the guide!
1) Automatic and intelligent entry of business expenses
This functionality eliminates all manual intervention. The expense report application must be equipped with an intelligent character recognition system, connected to your accounting and payroll software. The tool scans the typical invoice elements – type and amount of the service, VAT, means of payment, issuer – and automatically fills in the expense report fields. Say goodbye to errors arising from multiple entries and tedious repetition, and instead enjoy considerable time savings. In fact, since the time spent on expense reports can be reduced by a factor of four, priority can be given to tasks with high added value and to increasing productivity!
2) Automatic currency conversion
The automatic management of changing regulations, such as exchange rates, should be your second requirement when choosing an expense report application. Depending on the dates, frequency, and diversity of countries visited, the volume of manual conversions can reach considerable proportions… every month! A software tool that automatically updates the exchange rate in function of the transaction date reduces the workload of the departments involved, and brings real peace of mind to employees. Once again, it’s a question of saving time and improving efficiency within the company.
3) Legal archiving
The digital archiving of expense reports has been legal since July 1, 2019… provided that it guarantees the permanence and security of the data. To this end, the stored documents must be authentic, identical to the original, and intelligible. An expense report application that manages all of these obligations will provide centralized data that is accessible online in real time, and that is perfectly traceable, regardless of its volume. Working methods are more fluid, which also helps to reduce costs, 3% of which are related to paper storage. A must have!
4) Mobile expense report applications
Automatic invoice entry only makes sense if employees can photograph and send their receipts via their smartphone as and when the expenses are incurred. The mobile expense report application automates the various validation flows, so there is no need to wait for employees to return from their trip before starting the process. Managers control and validate all expense reports on the application, gaining visibility and speed. The workload of the accounting department is also reduced, meaning that employees are reimbursed more quickly!
5) Automatic updates
In addition to currency updates, the expense report tool must also take into account updates to the various VAT rates and mileage allowances and apply them automatically to the expense reports. This substantially reduces the risks inherent in manual management – errors and costs due to multiple entries, approximations stemming from difficulties estimating VAT, and misconduct. Any anomalies or suspicious expense reports are automatically detected and reported, optimizing the management of the company’s business expenses.
The N2F expense report management application is a complete solution that fully meets these five essential functionalities as well as their technological requirements. Intuitive, scalable, and equipped with intelligent functions – including the fastest smart scan on the market – N2F combines web and mobile functionalities to adapt to the uses of each of your employees, and to the needs of your company. The process of entering, controlling, and validating your expense reports is simplified and accelerated; your data are centralized and secure; finally, your processes are standardized and completely reliable.