{"id":40,"date":"2019-08-28T07:17:46","date_gmt":"2019-08-28T07:17:46","guid":{"rendered":"https:\/\/www.zaggle.in\/blog\/2019\/08\/28\/the-risk-of-using-traditional-expense-reporting\/"},"modified":"2022-08-06T17:04:25","modified_gmt":"2022-08-06T11:34:25","slug":"the-risk-of-using-traditional-expense-reporting","status":"publish","type":"post","link":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/","title":{"rendered":"The Risk Of Using Traditional Expense Reporting"},"content":{"rendered":"

If you are still using a manual expense reporting system then you have subjected yourself to unwanted risk. There are 46 percent of companies still using the manual expense reporting system world-wide, if you are one of them then you\u2019re doing something wrong. Here are five reasons why<\/p>\n

HIGH COST:<\/strong><\/p>\n

The cost to manually processing a single expense report averages $26.63, according to the Pay stream Travel and Expense Management<\/a> report. Think about how many expense reports company files each month. On average, 19 percent of expense reports include some sort of error, and each expense report with an error costs $52 to correct.<\/p>\n

LOW SPEED<\/strong><\/p>\n

If you search on Twitter the keyword \u201cexpense reports,\u201d you\u2019ll find a number of angry people.<\/p>\n

Tweets such as \u201cExpense reports are the devil,\u201d or, \u201cI love business trips; I hate expense reports.\u201d And the list goes on and on.The main reason for this is the tedious time it takes to file an expense report. On an average it takes around 20 minutes to complete one expense report. The more they travel, the more time they spend filing expense reports whereas they could use the time for more productive work.<\/p>\n

INCONVENIENCE<\/strong><\/p>\n

A lot of expense reports come from business travel; however, if you are using a manual process to submit expense reports, you are unable to do it on the go. Manual reports are extremely inaccessible unless you are in the office. Therefore, business travelers are left collecting and keeping track of receipts from every purchase they make on their journey. Not only is it tiresome to keep track of receipts and wait until you\u2019re back in the office to file reports,but it is also inconvenient to get approved to spend money in the first place. Many manual preapproval processes take longer than a streamlined, automatic process. Are employees required to email the manager? Or submit a request that admins might not see until it is too late? Sometimes employees need last-minute approval when purchases something business-related, and manual approval processes just don\u2019t cut it.<\/p>\n

HIGH RISK OF FRAUD<\/strong><\/p>\n

While manual processes include loopholes for employees to commit easy fraud, automated expense management systems include technologies that monitor compliance and policy, flag any trace of fraud, and set up preventative techniques. Employees can easily manipulate purchases to add extra cash to their pocket. Employees even justify this for the inconvenience it is to travel, believing the company owes them.<\/p>\n

LACK OF VISIBILITY<\/strong><\/p>\n

When employees spend money for business purposes using a corporate or personal card, CFO’s don\u2019t see what was spent in the company until after they receive the expense report or bank statement. If the company went over budget, all they can do is hope for a better month. Companies can save a lot of money by creating budgets and pro-actively watching what employees spend in real-time, without having to wait until the end of the month to know how much they spent. Of course, this isn\u2019t possible unless companies switch to an automated expense management <\/a>process. Not only do companies lose money and go over budget due to lack of visibility, but they also have the greater possibility of losing employee relationships.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you are still using a manual expense reporting system then you have subjected yourself to unwanted risk. There are 46 percent of companies still using the manual expense reporting system world-wide, if you are one of them then you\u2019re doing something wrong. Here are five reasons why HIGH COST: The cost to manually processing…<\/p>\n","protected":false},"author":4,"featured_media":227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[208],"tags":[],"class_list":["post-40","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nThe Risk Of Using Traditional Expense Reporting - Zaggle Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Risk Of Using Traditional Expense Reporting - Zaggle Blog\" \/>\n<meta property=\"og:description\" content=\"If you are still using a manual expense reporting system then you have subjected yourself to unwanted risk. There are 46 percent of companies still using the manual expense reporting system world-wide, if you are one of them then you\u2019re doing something wrong. Here are five reasons why HIGH COST: The cost to manually processing...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/\" \/>\n<meta property=\"og:site_name\" content=\"Zaggle Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-28T07:17:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-06T11:34:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zaggle.in\/blog\/wp-content\/uploads\/2020\/04\/The-Risk-of-Using-Traditional-Expense-Reporting.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"1750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeevan Kumar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeevan Kumar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/\",\"url\":\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/\",\"name\":\"The Risk Of Using Traditional Expense Reporting - Zaggle Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zaggle.in\/blog\/#website\"},\"datePublished\":\"2019-08-28T07:17:46+00:00\",\"dateModified\":\"2022-08-06T11:34:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/c86ce86b80a6409a39fb1506ee40aa98\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.zaggle.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Risk Of Using Traditional Expense Reporting\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.zaggle.in\/blog\/#website\",\"url\":\"https:\/\/www.zaggle.in\/blog\/\",\"name\":\"Zaggle Blog\",\"description\":\"Fintech | Neo Banking | SAAS\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.zaggle.in\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/c86ce86b80a6409a39fb1506ee40aa98\",\"name\":\"Jeevan Kumar\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/5857a11565869c11fd124e91de145768eac9f1559d9407a00baa8c74e380d34b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/5857a11565869c11fd124e91de145768eac9f1559d9407a00baa8c74e380d34b?s=96&d=mm&r=g\",\"caption\":\"Jeevan Kumar\"},\"description\":\"I\u2019m a technical content writer, with a passion for technology and innovation. I enjoy all aspects of online marketing spanning from organic SEO to paid digital marketing. I also have a flair for design and adept with tools like Canva, SEMrush, Ahrefs, Netcore, Sprout Social, Edifybiz and so on.\",\"url\":\"https:\/\/www.zaggle.in\/blog\/author\/jeevan\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Risk Of Using Traditional Expense Reporting - Zaggle Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/","og_locale":"en_US","og_type":"article","og_title":"The Risk Of Using Traditional Expense Reporting - Zaggle Blog","og_description":"If you are still using a manual expense reporting system then you have subjected yourself to unwanted risk. There are 46 percent of companies still using the manual expense reporting system world-wide, if you are one of them then you\u2019re doing something wrong. Here are five reasons why HIGH COST: The cost to manually processing...","og_url":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/","og_site_name":"Zaggle Blog","article_published_time":"2019-08-28T07:17:46+00:00","article_modified_time":"2022-08-06T11:34:25+00:00","og_image":[{"width":3000,"height":1750,"url":"https:\/\/www.zaggle.in\/blog\/wp-content\/uploads\/2020\/04\/The-Risk-of-Using-Traditional-Expense-Reporting.jpg","type":"image\/jpeg"}],"author":"Jeevan Kumar","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeevan Kumar","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/","url":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/","name":"The Risk Of Using Traditional Expense Reporting - Zaggle Blog","isPartOf":{"@id":"https:\/\/www.zaggle.in\/blog\/#website"},"datePublished":"2019-08-28T07:17:46+00:00","dateModified":"2022-08-06T11:34:25+00:00","author":{"@id":"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/c86ce86b80a6409a39fb1506ee40aa98"},"breadcrumb":{"@id":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.zaggle.in\/blog\/the-risk-of-using-traditional-expense-reporting\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zaggle.in\/blog\/"},{"@type":"ListItem","position":2,"name":"The Risk Of Using Traditional Expense Reporting"}]},{"@type":"WebSite","@id":"https:\/\/www.zaggle.in\/blog\/#website","url":"https:\/\/www.zaggle.in\/blog\/","name":"Zaggle Blog","description":"Fintech | Neo Banking | SAAS","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zaggle.in\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/c86ce86b80a6409a39fb1506ee40aa98","name":"Jeevan Kumar","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zaggle.in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/5857a11565869c11fd124e91de145768eac9f1559d9407a00baa8c74e380d34b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5857a11565869c11fd124e91de145768eac9f1559d9407a00baa8c74e380d34b?s=96&d=mm&r=g","caption":"Jeevan Kumar"},"description":"I\u2019m a technical content writer, with a passion for technology and innovation. I enjoy all aspects of online marketing spanning from organic SEO to paid digital marketing. I also have a flair for design and adept with tools like Canva, SEMrush, Ahrefs, Netcore, Sprout Social, Edifybiz and so on.","url":"https:\/\/www.zaggle.in\/blog\/author\/jeevan\/"}]}},"_links":{"self":[{"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/posts\/40","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/comments?post=40"}],"version-history":[{"count":5,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/posts\/40\/revisions"}],"predecessor-version":[{"id":764,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/posts\/40\/revisions\/764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/media\/227"}],"wp:attachment":[{"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/media?parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/categories?post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zaggle.in\/blog\/wp-json\/wp\/v2\/tags?post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}