The Benefits of Expense

Management Automation
Introduction:

Nobody enjoys expense Manual expense management

reporting or any of its is time-consuming, frustrating,
associated functions. They and leaves lots of room for
are a hassle and require an human error – both accidental
exponential amount of and intentional.
time.

Managing expenses is a Instead, take the time to learn

necessary and crucial
responsibility for
organizations of all types.
Manually maintaining costs
and essential reporting
affects multiple departments.
about automated expense
reporting systems available to
your company. Then decide
how you can begin to
implement them.
Why Do We Still Use Expense Reports?
Expense reports are used to
manage costs incurred by
employees for professional use.
Some organizations require
employees to use their own money
to cover the expense and then
report the costs to get reimbursed.
Even employees who have access to a
company card experience hiccups
here and there that require them to
use their own for tender. These
include situations such as
▪ A team member or manager
forgetting to bring or losing
their card.
▪ The card is declined or otherwise
fails to complete the purchase.
▪ When a merchant only accepts cash
or does not take the specific form of
tender presented with the company
card.
Some companies have automatic
reporting systems, while others still
process their expense management
manually. Those who handle the
process without the assistance or use
of expense automation software are
more susceptible to errors. They find
themselves spending an immeasurable
amount of precious time handling and
processing paperwork.
What Is Automated Expense Reporting?

1. Expense automation utilizes the convenience of a spend

management application or software to guide
employees through their expense claims quickly.

2. These systems are usually straightforward and do

not typically require any data entry from either
the finance or accounting department.

3. Expense automation is beneficial for organizations

that require a fair amount of external expenses on
both the employee and management levels.

4. Expense management software has the capability to

record, track and approve the necessary
reimbursement to each individual employee.

5. This software also ensures that the company isn’t

overspending on either approved or unapproved expenses.
Why Should I Automate
My Expense Reporting
1. Automated management systems
and Processes? remove the potential of human
error and streamline the process

2. Automated management
systems is more cost-efficient.

3. Automation translates to elimination of

paperwork and enormous
spreadsheets.

4. Automation eliminates a great deal of

potential fraud and non-compliance.
Better Compliance and Less Fraud
Thanks to Automation:
1. Automation system does so by
speeding up the approval process
and how quickly your employees are
reimbursed. The efficiency created
by an automated system is
unmatched by any manual
processing system.
3. The ultimate benefit experienced
by using an expense management
automation system is the time and
energy it saves.
2. Customizing an automated system
to account for your company’s
compliance policies significantly
simplifies the process and ensures
that you do not violate any
guidelines.
4. Automation protects your
company from expense fraud by
identifying duplicate entries,
customizing transparency
through workflows, and creating
more opportunities for review.
How Does Expense Automation Help
Other Departments?

1. Finance teams: benefit from the simplification and

streamlining of their processes. Finance teams can use
automation to accurately keep track of all necessary
data regarding expenses.

2. Employees: it keeps their role in the process as convenient

and straightforward as possible.

3. IT managers: When the IT and finance departments

cooperate, automating expense and invoice management is
much easier, leading to better compliance and greater
employee satisfaction.

4. Executives and business leaders: Automated expense

management empowers them to run their businesses in the
best possible way while maximizing profit and optimizing labor.
Automated expense management helps to keep profits high,
costs low, and employees productive.
What Should I Look For In Expense
Management Software?
A few factors that any company should consider while choosing a system include:

1. Streamlining expense reporting and 4. Easy export to or integration with your

management with e-receipts current enterprise system

2. Automatically populating expense 5. Securely tracking expense data

reports by OCR scan

3. Integrated corporate card to eliminate 6. Managing business expenses

additional reconciliations through the use of mobile apps
Some things to keep in mind while reconsidering
your expense policies:
Once you have chosen the right system, adopting good expense policies will improve the overall expense reporting
process. Some things to keep in mind while reconsidering your policies include:

5. Encouraging
management to push back
3. Making it easy to on non-compliant or
1. Making it easy to submit and approve unapproved expense
follow and comply expenses on-the-go submissions

2. Collecting the right 4. Analyzing data and 6. Paying

amount of expense- finding opportunities employees back
related information for more savings swiftly
The Bottom Line:
Expense management automation is
the easiest way to ensure that your
expense reporting is being
completed effectively, accurately,
and without unnecessary time and
effort.
As many departments within
your company greatly benefit
from the use of expense
management automation
software, employee satisfaction Using an automation system not
and productivity will continue to only helps to streamline your
increase. processes but it also keeps your
company protected from fraud
and possible non-compliance.
Volve Solutions Pte Ltd ,
+65 6797 9616 ,
hello@volve.cc ,
registered address:
6 Raffles Quay #11-07, Singapore 048580