Companies often cling to traditional methods of expense reporting due to concerns about employee spending and the cost of implementing new tools. However, with innovative tools now available, companies can improve morale, avoid errors, and decrease the workload around employee expenditure reimbursement. New Cloud based tools that interact with your ERP provides real-time transaction overviews, simplifies the payment process, and enables automation and interoperability.

The Advantages of Modern Expense Reporting Solutions:

• Real-time transaction overviews,
• Simplified payment process,
• Automation and interoperability,
• Improved morale and decreased workload,
• Increased control and oversight.

The expense reporting and reimbursement process can be an expensive hassle for company leadership as they attempt to control costs and prevent non-compliant activity. With the shift towards remote work, the flaws in the archaic expense reporting process are becoming more pronounced. The future of expense reports has been knocking for the past decade, and the new, remote normal is the incentive for finance leaders to finally open the door.

Despite advances in technology, many companies continue to rely on outdated and cumbersome methods of expense reporting, believing it will help control costs without realising the negative impact it has on employees, the finance team, and the business as a whole. In a recent survey from Robert Half, 56% of CFOs cited an increase in inappropriate expense reimbursement submissions from workers over the past three years.

The Drawbacks of Traditional Expense Reimbursement:

• Long reimbursement lags,
• Confusing manual processes,
• The potential to get chased down for missing receipts,
• Negative impact on employee morale,
• Increase in inappropriate expense submissions.

All of these factors are coming together to create the perfect storm for eliminating expense reports once and for all. Early adopters of these new technologies and processes will be able to make fast, business-critical purchases, attract and retain top talent, and streamline their finance departments. Companies that embrace new technologies and processes will be able to spend less time and effort on reimbursement, and more time focusing on their business. It’s time for companies to level up for the benefit of their employees, the sanity of their finance department, and their bottom line.