Still managing Employee Travel and Expenses manually, with paper receipts, spreadsheets and emails?
Then you must consider not only time and money you are wasting. But also, inconsistency and error-prone results your business might be exposed to.
Process automation can help eliminate issues like these and let you focus on productivity. That is, without worrying about the typical difficulties of manual processes. With an automated workflow for travel and expense management, submission, approvals, and auditing can be a lot easier.
Here is why you should automate travel and expense management
1- Remember time is money
There is an easier way that will let you save time and money. With automated workflow solutions, expense requests can be done via an online form. Simply, by uploading images of receipts as attachments, sending automated notifications to department managers and other approvers.
Whether this approval takes place before or after the trip, it can be done with just a click of a button on an email. That is, without going close to the other system, from any location.
“Time is the currency of the new economy.” – Daniel Burros
2- The Increased popularity of business travel and mobile workers
There is a significant increase in popularity of business travel today. To put clearly, it is now more important than ever to manage employee expenses efficiently. By doing so, you can enhance profitability and scalability of an organisation.
With an off-line capable workflow automation system, expense claims with attachments can be submitted from mobile devices. Even, when there is no network connection. This helps significantly to the mobile workforce who travel often and have the pain of managing this process. In addition, with automated workflows that are available offline, users don’t have to wait until they are back to the office. Simply, they have full control over travel and expense management, even while they are abroad. Whether that is in-flight, anywhere they want.
3- Automation will reduce the risk of errors
Manual processes are prone to the risk of errors in entering data, like duplicating claims, rounding up numbers. Automated expense management validates the entries and makes sure that there are rules applied to all departments and employees. As well, an automated workflow prevents wrong data entries and applies right policies using pre-populated fields.
Businesses working in various geographic locations face bigger challenges. These organisations usually opt handling travel and expense management by using daily allowance (per diem) method. Per diem is a specific amount of money an organisation gives an employee, per day to cover living expenses when travelling for work. Expense management software enables accuracy, easy auditing and quick changes to policies based on legislative changes. Therefore, helping organisations control their processes more efficiently.
4- Enhanced travel policy enforcement and increased visibility
Smart data usage and data visibility are crucial to drive an organisation efficiently. As well, to make intelligent business decisions. Gaining access to information through a central location of dashboards can help management to analyse progress. Additionally, they can view reports and indicators of performance.
With automated workflows, expense reports can be easily integrated with other systems like accounting, ERP etc. in real time. Consequently, organisations gain end-to-end visibility of business processes. Followed by helping in managing budgets, cash flows and controlling spending.
Companies currently using an automated expense management software experience quicker reimbursement times. As well as that, enhanced travel policy enforcement and increased visibility.
In conclusion, when you change from a manual process to a fully automated workflow, it’s important to carefully evaluate your expense management software options. Some of the solutions may not be suitable for your business. Therefore, you may need something simpler than what they offer.
The design of this process does not need to be overly complicated. That is, depending on your specific business requirements. In other words, the simpler, the better for an easier user adoption. For instance, it can be as simple as three online forms. One for submission, second for approvals and last for finance review. Employee submits a request, manager approves, finance pays, data gets stored in the system then you are set to report, review and audit.
After all, our habits don’t change as fast as the technology changes. Starting with small and simple steps is the right way to achieve sustainable digital transformation.
If you are considering implementing a travel and expense management software solution and looking for a smart, easy, flexible and scalable alternative, consider Kianda BPM. You will be amazed how much you can achieve with it.
Start using Kianda platform for easy expense management
Reduce errors and risks by automating your travel and expense management process. With this digital solution, you can save time and costs. In addition, you can bring agility to your organisations.