Receipt management! Companies can spend up to half a million dollars and upward of 3,000 Hours Correcting Expense Reports Each Year.
Receipt management! Imagine for a moment that you’re a business owner. You have a lot on your plate, from managing employees to keeping up with production demands. The last thing you want to worry about is expenses. Unfortunately, expense reports are often a necessary evil in business. They’re time-consuming, they’re tedious, and they can be expensive. In fact, on average, Companies can spend up to half a million dollars and upward of 3,000 Hours Correcting Expense Reports Each Year. There has to be a better way, right? Well, there is. Expense report automation is the answer to your prayers. In this article, we’ll explore the ways in which expense report automation can save you time and money.
The high cost of expense reports
If your company is spending a considerable budget each year on auditing, reviewing and approving expense reports, it’s time to consider automating the process. Manual expense report correction is time-consuming and expensive, and it doesn’t have to be this way.
There are many software options available that can automate the expense report correction process, saving your company time and money. By automating the process, you can eliminate human error, ensuring that all expenses are accurate, safely stored and readily accessible.
Consider automating your expense report correction process today and see how much it can save your company in both time and money.
The time-consuming process of correcting expense reports
There are a few different ways that companies handle expense reports. Some use an automated system, while others require employees to submit their expenses manually. Either way, there is usually some room for error.
For example, an employee may forget to include a receipt or misplace their credit card statement. This can cause problems when it comes time to reconcile the expenses.
Fortunately, there are a few ways to mitigate these errors. First, make sure that your employees are aware of the importance of accurate expense reporting. Second, consider using an automated system, such as Crunchr, that can keep track of receipts and credit card statements.
With these steps in place, you can help reduce the amount of time and money spent on correcting expense reports each year.
How to avoid mistakes on expense reports
To help organisations avoid these costly mistakes, we are outlining the following tips:
- Make sure employees are aware of company policies. Employee expense report mistakes are often due to lack of knowledge about company. These mistakes are void of government authority requirements / ATO compliance.Employees should be given a copy of the company’s travel and expenses policy before they book any travel.
- Review expenses reports carefully before approving them. Organizations should review expense reports carefully before approving them. This will help ensure that all charges are legitimate and in compliance with company policy.
- Use an automated expense reporting solution. Automated solutions will reduce the number of errors on expense reports by automatically reading receipts and intelligently providing the right category for the expense. This can save time and money for both the organisation and the employees.
The importance of accurate expense reports in receipt management
If your company spends even a fraction of what the average company does on expenses, it’s important to have accurate expense reports. Here’s why:
When employees submit inaccurate expense reports, it costs the company money in a few ways. First, the finance team has to spend time correcting the mistakes. Second, if the mistakes are not caught and corrected, the company may end up paying out more money than necessary. Finally, incorrect expense reports can create problems for the company down the line if they are used as justification for fraudulent expenses. A receipt app such as Crunchr with a powerful search engine can save considerable time and money.
In order to avoid these issues, it’s important that the company uptakes the necessary technology that can automatically fill out their expenses accurately and swiftly. Additionally, companies can set up systems to flag potential errors so that they can be corrected before the report is submitted.
Conclusion
This is a huge expense for companies, and it’s one that could be easily avoided with proper expense management. If your company is spending too much time and money on correcting expense reports, then it’s time to consider implementing an automated expense management solution. There are many great options out there that can help you save time and money, so be sure to do your research and find the right one for your business needs. Crunchr receipt app is independent of company software and provides spreadsheets that integrate without the need for intrusive APIs etc.
