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COVID-19 forced many businesses to focus on optimizing internal efficiencies while strategizing their external growth. Now, finance chiefs are looking for technology to redefine accounting management. This will free their team from manual tasks, so they can direct greater attention on analytics and reporting. One of these manual tasks is expense management, which continues to be reliant on paper for many businesses.
Accounting staff has to sift through stacks of paper receipts, verify reports, and photocopy documents, which can take up valuable time each month. This can be especially frustrating because according to research one in five expense reports contain errors.
With such challenges, more businesses are automating their expense management to the make the process smooth and efficient not only for their accounting teams, but also the employees.
What expense automation does for your business
It can take up to eight days to complete an expense claim when processed manually. Automation can reduce that time by almost 70%, giving greater speed, flexibility and efficiency. This instantly gives a boost to the employees, many of whom have been working longer hours during the pandemic.
An AP automation software such as Beanworks allows accounting teams to manage expenses through web and mobile. Employees can take a picture of the receipt and submit it for approval. Managers can accept or decline the claim online or through the mobile app. Reimbursements can also be made electronically, making the entire cycle simple and quick.