Automated Expense Tracking Lets You Say Good Riddance

You don’t know what you’ve got ‘til it’s gone.

Popular song lyrics, for sure – they’ve been sung by Joni Mitchell, Cinderella, Kelly Rowland, even the Jonas Brothers – but not always true. If these artists worked in an office, and experienced the change from manual expense reporting to automated expense tracking, they’d be singing a different tune. Perhaps…

You don’t know how bad it was ‘til it’s gone.

If you’ve already made the switch to expense management software with automated expense tracking, the following may induce flashbacks, but hopefully serves as a reminder of how good you have it now.

If you’re still doing expenses the old way, here are 4 things you can say ‘good riddance’ to, when you switch to automated expense tracking.  

Good Riddance to Frustration

An automated expense tracker is like installing a filter into your workflow that eliminates frustration, anger, annoyances, etc. Gone are:

  • Time consuming, repetitive, error-prone steps
  • Difficult-to-understand expense reporting processes
  • Compliance errors due to unclear policies

And because expense reporting is one area that can affect all other aspects of business operations, frustration’s end means a huge sigh of relief for everyone, not just the accounting department.

If you’re wondering what to do with your old, voluminous spreadsheet logs, use them to wrap up all that unneeded frustration before tossing it in the recycling bin.

 

Good Riddance to Workflow Limitations

 

Your employees have been emailing, banking and sharing information from anywhere in the world for years, and in most cases, they expect employers to keep pace with technological advances.

The end of workflow limitations means the beginning of the mobility era.

Employees can now automatically create expense reports based on travel itineraries. Receipts can be photographed, not collected. Expense reports can be submitted on the go. And because managers can also approve expenses in real-time on mobile devices, things move quicker, and this includes reimbursement.

Organizations that use smartphone apps to manage their travel and expense have a 28% faster approval process, 22% more policy compliance, 40% lower processing costs, and reimburse their employees 40% faster.

 

Good Riddance to Inequality

 

It’s easy for employees to get fed up when policies play favorites. Expense management software with automated expense tracking levels the playing field because the policy can be applied to everyone equally.

Small business managers will feel the greatest sense of relief saying goodbye to inequality because automated expense tracking eliminates the “personal” element of responding to concerns from both sides. Rules can be enforced by the software, not the managers.

 

Good Riddance to Uninformed Decisions

 

Automated expense tracking gives you on-demand, real-time insight into where your expenses are going and how effective they are. There’s no need to assign mind-numbing research tasks and then schedule follow-up meetings to review what was uncovered.

Bidding farewell to uninformed decisions means:

  • Cost-saving opportunities with frequently used suppliers are identified
  • Spending is kept within policy
  • Historical data can be used to determine appropriate spending limits
  • Real-time data collection improves forecasting and cash flow projections
  • Spend is aligned with performance to help prioritize budgeting

Boyz II Men sang, “It’s so hard to say goodbye to yesterday.” More proof that these artists just don’t get office life. When you implement the right technology, like automated expense tracking, saying goodbye to yesterday is so, so easy.

 

Fixing expense reporting shouldn’t wait. Check out more resources and learn how fixing expense reporting can boost your bottom line.

 

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