Why You Should Go Paperless With Apptivo Expense Reports?
Travel remains an important activity for employees of companies, with companies having a more streamlined manner of tracking and organizing expenses can assure rapid payment. It is now vital to have an expense report software in place, whether personnel travel regularly, or are responsible for monitoring other forms of business spending. When it comes to selecting an expense reporting solution for your business, one of the most important aspects to look for is the ability to go paperless. When contrasted to today’s cost reporting software, which is more effective and organized, the old-fashioned expense reporting that involved attaching receipts and a lot of extra paperwork is now antiquated and inefficient. So, in this blog, we’ll look at the benefits of going paperless when it comes to expense reporting with Apptivo.
The majority of businesses throughout the world do it by hand or with spreadsheets. Listing all of your expenses, collecting all of your expense receipt, and filing them by hand, all of these procedures build up quickly and waste time that could be spent on more vital duties. So, switching to an online expense report management tool and reporting software helps you by allowing you to yield the following benefits.
Benefits Of Business Expense Report
It is crucial for businesses to leverage a complete business management software that provides stable priority to all departments in your business. While it is effortless to track the revenue generated in your business, it is equally important to manage the expenses to reduce data redundancy.
Easier management of receipts
The traditional methods of making receipts on paper using a pen are not the best way to do it. It is because not only paper receipts are easy to lose but also can get easily damaged resulting in loss of important information written on them. Another main struggle with paper receipts is that they are very hard to manage, and having a lot of receipts and organizing them can be a tough task.
Therefore, with paper receipts even more delay can be introduced in expense reporting causing a serious issue in the process. With Apptivo’s expense reports software, you can easily create and capture reports in your office or while on the go making it easier to track and organize expenses.
Error-free reporting
Another main issue with paper reports is that with a large number of backlogs, it is easier for people to manipulate entries in the records. It raises the issue of incorrect values to be entered in reports and may cause the managers to not easily understand what’s written on them.
Being less careful with such issues may cause the reports to add up and over time and companies could lose a lot of money. With Apptivo’s expense management software, you can easily manage reports with appropriate ledger information so that, every bit of data in the expense reports is error-free.
It saves time
Most companies are conscious about saving their time wherever possible as they are eager to do more productive tasks in their saved time. For a sales team, the time they save can be utilized in finding and capturing more leads and turning them into customers. And tasks such as expense reporting consume a lot of time when done manually.
This task causes a loss of time as salespeople have to write down daily expenses and report them to their managers. With Apptivo’s expense reports software, you aren’t limited by these small issues as reports can be easily made in just a small time without having to manage everything.
It features quick reimbursements
The approval and reimbursement processes aren’t frequently completed by two people. Before a report can be compensated, it must go through multiple stages of approval. When a single manager has to accept multiple reports at the same time, this can take even longer. It is a very common concern for finance teams as they are frequently required to process ten times the quantity of reports that other employees are required to handle.
Without automation, this process seems like a hefty task as with piles of reports on their desk, teams can get very delayed reimbursement of funds. Apptivo’s expense management tool allows you to capture advances easily as well as manage reimbursable expenses while allowing you to automatically update the finance teams on the status of approvals.
Reduces workload for finance teams
Finance teams in businesses have to deal with a lot of reports as well as handle all of your paperwork and manage everyone else’s accounting entries for their reports. They must put all data from paper documents into their accounting software after recording debit and credit and reconciling bank accounts, diverting their focus and resources away from other vital activities.
Apptivo’s expense reports software allows them to save time and complete these tasks easily by streamlining the approval process, making it easier to organize reports, and communicate effectively with the managers in the application itself.
Conclusion
Despite the obvious benefits, expense reports are one area where businesses have been sluggish to adopt paperlessly. Many employers still demand employees to preserve paper receipts for all expenses and to print physical expense reports for submission. So, understanding these benefits of Apptivo’s automated expense reporting software, companies need to shift their processes to yield more productivity out of their finance teams and make expense reporting easier.
