This type of visibility drives insight, empowers companies to make more informed decisions, and optimizes expense management strategies. Expense automation software leverages technology like optical character recognition (OCR) to extract receipt data and eliminate human intervention. This works to improve the accuracy of expense reporting and reduces the risks of miscalculations or mistakes. The technology allows for customizable approval workflows and ensures expenses go through the appropriate channels for authorization and review. Approvers can access supporting documents, review expense reports, and provide feedback within the system.

• Improve accounting efficiency and accuracy by automating error-prone manual processes to meet federal requirements.
• The software walks you step-by-step through designing and customizing each project.
• One way to prevent expense reimbursement fraud is to automate the expense approval process.
• However, it’s still important to do a routine check in case you miss any updates.
• Today’s businesses are increasingly global and distributed, creating operational complexity.

Setting up your teams for successful expense automation

Different organizations have different requirements and workflow when it comes to expense management. Companies benefiting from automated expense management use automated software and tools to manage the https://www.bookstime.com/articles/what-is-expense-management-automation process of tracking, recording, and paying expenses incurred by employees due to business requirements. Expense management automation is the automation of the manual expense management processes.

What are the benefits of expense management automation for management team?

You also want to discuss the implementation process with the sales and customer support teams of your new expense management automation software provider. By automating the expense management system businesses can generate expense reports much more quickly and accurately. Regardless of traditional processes or modern ones done with expense management automation, you’ll want to keep a detailed record of all your expenses and reimbursements. There are many solutions available but they have complex interfaces and you have to assign a full-time team member to use them. In order to avoid these negative impacts across the organization, your organization must have an automated expense management process.

Increased Efficiency

• These online platforms enable employees to easily enter the required information, upload the necessary supporting documents and submit their expense claim electronically.
• It’s a seamless, efficient way to manage your business expenses, reducing the time and effort it usually takes to get this necessary task done and dusted.
• You must choose the solution according to your requirements and the size of your company.
• Automation ensures these records are maintained systematically and can be retrieved for easy tax filing.
• Move from manual to automation in managing asset acquisition, capitalization, depreciation, and retirement.
• With this increased visibility, managers can see where expenses are going and negotiate better deals with vendors.
• A variety of expense management automation tools offer mobile applications, allowing accounting teams to better capture receipts, submit expenses, and track reimbursements while on the go.

Be open to making changes and keep on reviewing the implementation until you’re satisfied with your expense management process. With the help of visualization and filter tools, it’s easy to analyze how much you’ve spent in a certain period of time and what prominent expense management automation expenses are. At this stage, the finance team will have to manually go over the report and supporting documents to check its credibility and authenticity. Once an employee has submitted their expense report, managers will get a chance to review it.

Accelerate workflow creation with Generative AI

These insights are bolstered by Isaac Routh, accounting advisor manager at Software Advice. Routh talks to hundreds of business owners every day and brings first-hand knowledge of their challenges and pain points. When businesses automate AP processes, many choose solutions that only meet basic requirements.