We’re in 2019. Cars can drive themselves. You can order niche products on Amazon and have them delivered to your door the same day. You can tell your phone to play some obscure song from your youth that you’ve not even thought about in 30 years. So why are you still making your employees do their expenses using tape and printed spreadsheets?
Here’s our top 10 list of reasons why you need to move to the modern day with a mobile-first, award-winning expense automation solution.
Collecting receipts. Filling out spreadsheets. Taping receipts to paper. Sending in the intercompany mail system. Getting from a purchase to reimbursement isn’t a simple process.
Does your finance team know every detail of your travel policy? If not, they’ll have to cross-check every report to ensure they are compliant. And then there is typing all of the data manually into the finance system, which slows down the process and introduces the possibility of rekeying errors.
Your organisation could be losing many thousands of dollars by failing to analyse spend data and find efficiencies in your travel spend. When your this spend information is all held on spreadsheets, identifying efficiencies is like looking for a needle in a haystack.
Expense automation solutions can be configured so that travellers can’t easily submit out-of-policy expenses, and built in pre-approvals with booking tool integration ensures that all travel is compliant with the company’s regulations. None of this is possible with manual processes.
If your travellers can’t do their expenses on-the-go using their tablets or phones, they have to spend time back in the office getting everything submitted. That’s time that takes your team away from the jobs they’re being paid to do.
Corporate cards offer a wide range of benefits, from easier statement reconciliation to preventing card fraud, and stopping non-compliant or inflated purchases from being made. However, doing so requires the cards to be integrated into the expense solution.
When spotting fraud is reliant upon the keen eye of an approver, who may have dozens of expense reports to review, it's a very hit-and-miss process. It becomes impossible to easily tell if an expense has been submitted before, if a tip has been inflated, or if someone has mixed in personal and business expenses.
Keeping your finance team and travellers abreast of international tax regulations and ensuring they remain in compliance can be tricky without a centralised expense management solution. In addition, companies with global operations often spend millions of dollars on VAT, which can often be recovered. However, managing expenses manually makes this process almost impossible.
Closing a financial period requires accurate and timely data. Expense reports which have been procrastinated over, or are stuck in the intercompany mail system make effective reporting difficult to achieve.
10. People hate doing their expenses.
I’ll let expense submitters speak for themselves on this one.
- IDC Recognises Chrome River as a Leader in Enterprise AP Automation Solutions
- 9 Signs it’s Time to Switch Expense Management Systems
- Gartner and Ardent Partners Advise How to Build a Best-in-class Accounts Payable Operation
- When Cash (Control) is King: Is Your Accounts Payable Strategy Optimised for a COVID-19 World?
- Getting the Most Out of Your Spend Data with Emburse Insight Advisor
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.