In recent years new technology has not only made expense reporting and processing easier for employees, but it has also made it much more efficient and cost-effective for employers.
A modern expense management solution is a must for any business that wants to ease the burden of tracking and reporting expenses for employees while also making sure their business isn’t overpaying for non-compliant or fraudulent expense claims.
So, let’s go with the five quick tips to streamline your business reporting process:
1. Prioritize automated paperless solutions
The processes for managing expense reports are numerous and time-consuming. To better control and monitor your expense report policy, equip yourself with an automated, paperless solution. But first, your team must know the following:
A. Encourage them to use the expense management tool you get for them that automatically reminds them to submit their receipts once they make a payment.
B. Forget about manual data entry. Explore tools that can automatically read information from receipts, minimizing the chances of errors.
C. Keep all your receipts in one digital space for easy access during audits or reviews.
2. Establish simple expense policies
Set straightforward rules about acceptable expenses and how they should be reported.
Use tools that can automatically check if the expenses comply with the regulations to prevent any complications in the future.
Ensure that your expense policies are updated regularly and communicated to reflect any changes in the way you do business and pertaining issues within the industries.
3. Enable automatic and immediate approvals.
Business requests can be simplified by automating the approvals with custom hierarchies and also having your employees know if their request is within the company policy. It speeds up the entire process and also shortens employee reimbursement turnaround time.
For example, when one of your employees tries to book a first-class flight that is not approved under the corporate policies for an assignment abroad and wants approval but does not need it, smart expense reporting software can send the person an automated rejection.
4. Encourage Timely Submissions
With the usage of the expense management software, there will be no need to make a timeline for receipts submissions.
They will get notified to attach their receipts once they make a payment, so no more timelines or chasing employees to collect the receipts.
5. Train and Support Your Team
Teach your team how to use the expense reporting tools efficiently.
Make sure to provide resources such as FAQ’s or a helpdesk for any questions and also concerns.
To ensure that the staff benefits fully from this system, you need to brief them on every single update and best practices.
By adopting these simple strategies you can streamline your expense reporting process. This will minimize errors and save a lot of time that could be better spent on more important financial tasks. Remember, simplicity is key!
Ready to try an expense management tool? Book your demo now: https://www.pemo.io/book-a-demo