Automated Expense Report Software is Revolutionizing Financial Industry
September 15, 2014
By Ben Linton, Contributing Writer
Manual expense reports are now a thing of the past as the new automated versions save companies more time and money. A recent study by Runzheimer International (News - Alert) concluded that companies using this type of software spend 27 percent less than those using paper-based methods, and over 40 percent less for travel expenses. If that wasn't enough to convince you to switch to paperless accounting, here are three more reasons.
First, data entry automation is a breeze. New technology allows users to snap a photo of the receipt and fill in the important information automatically, saving you time. One of the features allows the software to accurately learn and categorize repeat expenses over time, which means less work for you. This also eliminates the possibility of human error when calculating receipts.
The new system also gives the user more administrator control. Its software provides multiple approver level options to guarantee the correct managers have oversight over their respective departments. Many companies can relieve the burden of enforcing policies on reimbursable expenses by automating them before they're broken.
Lastly, automated expense reports support tight integrations with core accounting systems, which is a key technical feature in accounting. It allows for complete accuracy, quicker reimbursement, and the reaffirming notion that the work is error-free. If done correctly, you will eliminate any need for manual entry and ensure that both systems stay synced, according to accountingweb.com. This allows business to run more efficiently.
The next generation of expense report templates is here, as automated options are allowing business to increase efficiency and productivity. It’s imperative that businesses evaluate the market and choose their options wisely, so ultimately they are making money. Watch closely as the competition for the best automated system increases.