Managing expense claims doesn’t have to be a headache. By keeping in mind a few important factors, it’s possible to set up an expense management system that makes the process simple.
Automation vs. manual
Automated expense management makes the reporting process more time effective, easier for the employee, and saves money for the business. The majority of Australian SMBs are still using inefficient manual processes, such as forms and spreadsheets, to process expense claims. With little control over factors such as human error, it’s no surprise Australian businesses are losing $100 million annually in rectifying errors in expense claims.
Specific expense policies and approval processes are often the reason SMB’s opt for manual expense management processes. Integrating these policies into an automated system helps drastically reduce approval times and employee reimbursement times, as well as making the expense management process seamless for both employees and business owners.
Costs and compliance
Restrictions and regulatory systems are constantly changing, making it a daunting task to maintain an adequate expense report claim system to enforce policies, catch fraud and cut excessive business costs. An integrated expense management solution gives businesses the ability to detect fraud by building tests into the software to recognise patterns such as excessive and duplicate claims and threshold amounts.