Quick one-question poll: Raise your hand if you love expense reports. Rhetorical or not, we can confidently say that you did not raise your hand—and it’s not because you think you would look odd raising your hand based on a question asked by a blog. We’re likely to guess that you didn’t raise your hand because, of course, you dread the entire expense reporting process.
The Expense Report Goose Chase
Who can blame you? Whether you’re the person who incurs the expenses, or the person who files them, we can bet that the reporting process is the most dreaded part of your week or month.
Are we in the ballpark?
If your company is like most, it sorts through an average of 100 expense reports per month. Whether these come through as spreadsheets emailed to your finance inbox or as a hard copy, your employees spend a lot of time manually creating and submitting these expense reports.
This results in employees in all departments shifting their focus from important tasks to that of spending hours, if not days, strictly on expense reports. Manual expense reporting results not only in headaches, but a detriment to profits.
How? No matter the department, a manual, spreadsheet-based process is taking away time and focus, primarily for four key reasons:
- Reimbursements Take Too Long: A delay in the approval and processing of an expense report can mean late reimbursement, unhappy employees and inaccurate accrual information, which affects your company’s bottom line.
- Back Office Employees Get Distracted from Important Tasks: We would assume that ‘chasing down employees isn’t part of an accountant’s job description. In order for a company to grow, efficiency is essential. However, when you’re processing expenses using spreadsheets, the only way to handle added volume is by asking your back-office employees to dedicate more of their time to processing expense reports.
- Poor Cash Flow Management due to Poor Visibility: It’s the last day of the month. Do you know where your money is? To stay on top of cash flow, you need to know where and how your money is allocated in real time, as it’s being spent. Spreadsheets, paper copies of receipts and lengthy approval processes all stand between you and a clear picture of your cash flow.
- Employees Wasting Time: Manually submitting expenses distracts employees from their truly important work. What if you could simplify the process and give your employees back their time? Plus, happier, effective and productive employees translate into more efficient and profitable business operations.
Is there a cure? Of course. If you can automate your processes, gain visibility into the entire expense management process, and shorten the time of approvals and reimbursements, the only entity harmed is the aspirin company that supplies your accounting and finance departments with the “expense reporting special.”
End the Headaches, Stop the Goose Chase
If you feel trapped by spreadsheet-based or hardcopy expense reporting, the first step is admitting there is a problem. You can either join an expense reporting support group, or you can seek help.
We can provide the latter. Brittenford Systems, as a provider of Concur Travel and Expense Management, has helped companies to save time, money, and increase visibility. Our dedicated staff is ready to help you implement and use the Concur software, and can even help to integrate it with your current accounting software through our proprietary (and award-winning) ExpenseConnect software.
Learn more about Concur, our ExpenseConnect integration for Intacct or Dynamics GP, and see how we help businesses save time and money:
- Concur Travel and Expense Management
- ExpenseConnect for Dynamics GP
- ExpenseConnect for Intacct
- Case Study: Arizona Diamondbacks Save time and Money with ExpenseConnect
Contact us at email@example.com to learn more.