As businesses scale and expand, reducing overheads and streamlining processes is a major challenge. With 445 million business trips happening every year, employees find it increasingly difficult to keep track of their paper receipts and expenses. The traditional processes of expense management are time-consuming and lead to slow reimbursements, leaving employees disgruntled. This affects the bottom line and ultimately the overall business outcomes.
With all protocols centrally linked to business expenses, focusing on expense management can help simplify business operations. Robust travel and expense management software solutions can help streamline expense reporting, processing, and reimbursements through automation.
Here are some ways that employees can benefit experience with expense management software:
1. Expense report submissions on the go
Manual systems require employees to submit receipts and notes to claim reimbursements. With receipts often fading with time, they are not a very convenient source for later reimbursements.
With expense management software such as Zaggle Save, employees can submit expenses on-the-go by simply clicking a picture of their receipt. By extracting data directly from the paper receipts with its advanced OCR (Optical Character Recognition) technology, Zaggle makes submitting expense reports a piece of cake for employees.
The process of maintaining receipts and filling out paper forms manually is very tedious, often delaying expense reporting. On the other hand, reporting expenses on travel and expense management is very simple. The software automatically integrates with existing accounting software and corporate credit cards.
Finance teams also no longer have to go back and forth between expense reports and receipts. They are all available on a centralized system for quick verification. It is scalable and capable of handling large amounts of data. This greatly reduces the processing time on reimbursements providing time for other important tasks.
With cloud storage, centralized access is easier. Online expense management softwares like Zaggle Save are compatible with mobile devices and offer seamless expense reporting and approval options.
2. Compliant with policies in real-time
Strict company policies for Travel and Expense management are necessary. It is increasingly tedious to manually check several hundred or thousand expense reports, but it is not possible to approve everything that comes into the system either. If left unchecked, the cost of reimbursing non-compliant expenses can have an impact on the company’s budget in the long run.
An expense management software can immediately check a report when submitted for policy violations in real-time. This helps the employees comply better with the policies while submitting expense reports, reducing the chances of violations in the first step. The software can further determine if the reports lack further documentation or if they just don’t fit the criteria set by the company for travel expenses. Employees can then correct their own reports without any manual intervention.
Suspicious reports can then be flagged while notifying the pertinent higher-ups about the breach immediately. This ensures that all reports are compliant and acceptable for approval.
3. Improved productivity
Traditional expense management methods are labour-intensive and time-consuming. It involves individually collecting and verifying receipts. This leads to considerable time spent on filing and reviewing reimbursement requests instead of focusing on more important matters.
By using an expense management software, most work happens without manual intervention. With a drastic reduction of manual entry, the chances of human error are eliminated and employee productivity is improved.
4. Faster reimbursement
With archaic and outdated expense management systems, reimbursement requests take time to get approved because they do not have the capability to handle multiple requests simultaneously.
With automated expense management solutions like Zaggle Save, custom reminders and notifications can be set to remind personnel and approvers of any pending tasks that require action. The software sends out reminders automatically to ensure that all parties are aware of their liabilities. Zaggle Save enables faster report approvals, eliminating the need for logging into the workstation.
Manual systems can’t show the status of the reports submitted. With Zaggle Save, there is visibility on the status of their reports for both employees and management.
5. Comprehensive analysis
Manually maintained systems cannot sift through piles of data and produce instantaneous reports. Every expense report on an automated platform like Zaggle Save has an audit trail with information of every action on a report, simplifying audits and keeping track of all reported expenses.
With built-in features, these platforms are capable of analyzing patterns to provide insight into the spending trends in an organization. Management can determine violations in the policies and the one which is deviating the most. With this insight into travel spends, the finance team can improve policies for better compliance.
A robust travel and expense management can further give travel and accommodation recommendations to the employees within the budget. This makes it easier for them to plan trips and for management to estimate costs and plan budgets.
Case in point: Building seamless user experience with expense management software
Consider the case of Mr. Aditya who is just back from a business trip to Singapore. He is about to get himself a coffee when a notification pops up reminding him to submit his expense report. Upon opening the mobile app, he finds that the app has options for sending reports by taking pictures or adding attachments. He captures the receipts he has with him. He gets his coffee and heads to work. The app confirms that his submission has been received.
His expense reports have automatically been linked to his corporate account and the firm’s accounting software. The app reviews the reports and lets him know that there is insufficient documentation for one expense. He re-checks and realizes he forgot to attach a receipt. He sends in the required documentation and goes back to work.
Aditya logs out of his system after a long day and checks the status of his submission on his way home. The app shows that the expense has been approved and payment will be processed. The next morning as he is heading into work, he is confirmed on both the email and app that his reimbursement has been initiated.
Aditya is able to go about his day getting ahead of his deadlines without having to worry about his business expense reimbursements while feeling like a valued employee. This will further drive loyalty and result in improved productivity.
Get started today
Zaggle Save understands the need to stay ahead of the curve. We can help you quickly gain control and visibility over your business expenses. With our all-in-one business spend management platform, you can empower your business to spend smarter and reduce time and effort. Start simplifying expense management with a free signup on Zaggle Save today.