“I love expense reports,” said no one. Ever! If you are looking for the next big opportunity to make your mark, here is a slam dunk: fix your company’s expense reporting.
If your company is like most, it sorts through an average of 100 expense reports per month. Whether these come through as spreadsheets emailed to your finance inbox or as a hard copy, your employees spend a lot of time manually creating and submitting these expense reports. This loss of time where employees are not focusing on more important tasks, negatively impacts your business across the board, making it difficult to get the most from your people and process – which means your profits take a major hit. This is NO way to run a business. Running an efficient business means having complete visibility into the big picture of your company’s spend.
100 Spreadsheets per month is a circus, not a process.
Doing expense reports manually on a spreadsheet can be a huge production; some might even call it a “three-ring circus.” Whatever you call it, it’s a terribly inefficient process that erodes productivity and is challenging to manage. If you are using spreadsheets for expense reporting, that machine can easily get bogged down, leaving your company short of its objectives. Sure, spreadsheets are great for wrangling data and crunching numbers. But they’re woefully outdated when it comes to managing expenses. It just isn’t practical for your employees to keep track of all of their paper receipts. The accuracy of the expense spreadsheet they submit not only depends on their laptop’s battery life and their ability to access reliable WI-FI.
These are common issues of poor expense reporting:
-Reimbursements take too long and employees become frustrated. A delay in the approval and processing of an expense report can mean late reimbursement, unhappy employees and inaccurate accrual information, which affects your company’s bottom line.
-Back-office employees spend time on mundane tasks. In order for a company to grow, efficiency is essential. However, when you’re processing expenses using spreadsheets, the only way to handle added volume is by asking your back-office employees to dedicate more of their time to processing expense reports. This requires these employees to:
- Chase down employees who submitted expense reports with missing receipts and out-of-policy and missing data.
- Manually pull together a report for managers wanting to know total spending on a particular project, vendor or event.
- Tee up the reimbursement payment for each employee
- Reconcile the employee-reported expense with the invoice from the company credit card.
If there is no connection between all of these spreadsheets and your accounting system, your finance team has to manually transfer the data. It’s no wonder your number crunchers find themselves constantly dealing with errors. Too many errors, occurring too often will give you an incorrect projection of your company’s finances and big picture.
Limited visibility into spending means you can’t effectively manage cash flow. To stay on top of cash flow, you need to know where and how your money is allocated in real time, as it’s being spent. Spreadsheets, paper copies of receipts and lengthy approval processes all stand between you and a clear picture of your cash flow.
Employees waste time using a manual expense management process.
Every employee is frustrated by the mind-numbing task. Manually submitting expenses distracts employees from their truly important work. What if you could simplify the process and give your employees back their time? Plus, happier, effective and productive employees translate into more efficient and profitable business operations.
Concur’s Solutions We’re not simply focused on automating business processes, we’re focused on completely re-thinking them to transform how businesses capture and manage cash flow. For decades, we’ve had an unending focus on innovation and have created a platform that brings together customers and partners to provide the richest value possible across the entire spend management process, from expenses to travel to invoice management.
Effortless expense reporting means your employees don’t have to worry about anything other than their job, which is creating the next innovation, meeting the next partner or landing the next customer.
Complete Cash Flow Visibility. We believe that when employees spend money on behalf of their company, the company has a right to complete transparency into that spending. We provide you with tools to ensure compliance with the labyrinth of regulations that govern businesses and the insight and visibility to manage your expenses and cash flow. Here’s how:
- Have complete cash flow insight with Concur, so that you can take control. You’ll be able to manage cash flow today and be able to plan and manage growth for the future.
- With Concur Business Intelligence, users of all skill levels can easily develop their own dashboards, run their own reports and create custom queries to easily access the most-needed information.
The 3 E’s of Mobile Expense Reporting:
- Efficiency: Your people can focus on important things like growing the business.
- Effectiveness: You’ll understand where every dime is being spent so you can better manage your company’s finances and plan for the future.
- Employees: Your employees will transform from frustrated ones into happy, more productive ones.
The Big Picture
After 21 years in the technology industry, we’ve learned that if you want to efficiently manage your expenses and cash flow, you need to be able to have complete visibility into the big picture, tying together all related information from end-to-end. Our open platform is designed so that all the companies and technologies servicing your business—ERP, corporate credit card providers banks, etc. – are connected and a part of the same ecosystem.
Ready to see smarter expense reporting in action? Please contact us today.