What a pain
It’s the great leveler of business. From CEOs to road warriors to the back office staff, how many times have you heard people complain about what a pain expense reports are? Either they can’t see into murky spending records, or they’re wasting time that could be productive on endless data entry, or their entire day is spent chasing down tiny pieces of paper. All five of the top expense reporting challenges add up to one very sore spot.
Lost receipts waste time and lead to inaccurate reporting. This costs your people time and limits your visibility into cash flow.
- Maybe your employees mean to spend within policy, but spending policies can be complicated, even obscure. For example, employees may try to save the company money by booking hotels with reduced rates. But if the hotel is not on your preferred provider list, they’ve just stepped over the line. An employee who doesn’t know the latest per diem meal limits might blow through them on a regular basis, and if there’s no system for auditing individual small expenditures, it might go unnoticed for a long, long time.
Late expense report submissions
- That expense report which just showed up on your desk? Seven months old, and you’ve long since closed the books. If it’s big enough, and you’re tight this month, you might even have to dip into your credit to pay it. And what if you’re in an industry where expenses need to be charged back to clients? Not a recipe for a happy customer.
- Using paper spreadsheets for expense reports makes needless manual work. And even if your spreadsheet is letter perfect, entering columns of numbers into a computer often produces errors.
- Trouble lurks in shadows. You can only optimize your spending if you can see it. What if a huge part of your money goes to, say, last-minute plane tickets that are far more costly than advance bookings? Would you even know?
Travel and entertainment expenses are roughly a tenth of an SMB’s budget, and typically the 2nd largest controllable cost. Solving the top five expense reporting challenges can make the headaches go away. The cure lies in mobile cloud automation.As Tracy Anderson, AP Coordinator for Dornier MedTech America says: “In the first year alone, we saved $190,000 in costs associated with processing expense reports.” Download this one-page summary and see how other smart finance professionals are curing the top five travel and expense management headaches.