February 8, 2016

How T&E Software Automation Can Benefit Your Company

February 8, 2016
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Technological advances have revolutionized how the world operates. From business demands to personal needs, electronic resources constantly evolve to offer relevant developments in high-tech tools. And technology’s impact on how companies manage their expenses is no exception. Today, organizations can expand well beyond complicated spreadsheets to incorporate intelligent systems that are designed to handle repetitive work. Automated software solutions effectively remove excessive manual processing from your staff’s workload. As a result, companies have the chance to achieve higher level thinking that improves their overall operations.

In general, these programs absorb mundane tasks so that you and your team can focus on initiating strategy and obtaining creative insights for the company’s benefit. But there are also  numerous other reasons why automation provides substantial advantages for your business.

Reduces Costs Associated with Manually Processing

According to Paystream Advisors’ 2015 Travel and Expense Management Report, companies generally pay much more for manual processing over alternative options. In fact, the average cost of manually approving a T&E expense report during the 2015 calendar year was $26.60 as compared to the $6.85 price tag for an automated solution. Unfortunately, this unnecessary cost has continued to escalate on an annual basis.

Whether your company processes a mere handful of expense reports or thousands of these forms each year, an automated system can offer significant monetary gains. However, a majority of corporations don’t realize the extent of funds that are wasted through manual processing. By simply adopting an automated T&E setup, though, financial means can be reallocated to fulfill more beneficial budgetary concerns.

Incorporates Employment Policies

Many companies distribute handbooks with complete lists of rules and internal policies that employees must follow. The sad reality is most of these large booklets tend to gather dust in desk drawers. But when automated software is used by staff, guidelines that may have been forgotten in large manuals can be imbedded into the process of generating reports.

Therefore, this electronic alternative may provide pertinent information exactly when it’s needed as employees fill out their expense forms. In addition, when team members have access to this essential guidance at the moment it’s applicable, they are more likely to cooperate with company rules. Similarly, management can tailor policies and make certain improvements more easily with an automated system than with printed documentation.

In addition to company practices, automated software may include more global principles to help direct the way that reports are made. Any compliance laws or general rules beyond company regulations can also be combined into the system. In this way, employees are fully informed on a company, state, federal or even international level as they proceed through the steps of their respective forms.

Simplifies Functions for Better Efficiency

Manually processing reports is not just more expensive. It can consume an extraordinary amount of hours. Depending on the size of the company, the procedures involved in report oversight could require full-time scrutiny by multiple employees.

But automating reports immediately simplifies this routine, freeing up employees for more meaningful work. Functions such as managing projects, collaborating and building better client relations can receive greater attention when manual processing is replaced by software solutions.

Professional alleviation of this sort could also enable better morale in your company. Employees who feel less burdened with tedious tasks will have time to contribute constructive ideas to improve the business.

Reduces Needless Distractions

Automation not only saves time for your finance department, it streamlines mundane work for other employees as well. If you have staff members who regularly travel as company representatives, it is in your best interest for them to focus on their core responsibilities instead of being entangled in lengthy paperwork.

When T&E reports are automated, employees never have to be distracted by cumbersome forms that take their minds off building effective strategies and promoting company goals. Software solutions ensure that direct deposit procedures are conveniently accomplished without taking time away from the business at hand.

Enables Quick Updates

Policies that are memorialized on paper can cause slow delays whenever any updates need to be made. Even regulations confined to document folders on employees’ computers have certain challenges. Management can never be completely sure that staff members who are affected by specific policies will have the latest revisions.

But when automated tools are utilized, any changes will be instantly reflected in the software. This means that those who have access to the system will always know the most recent updates to company policies without question.

This feature also gives your company the ability to adapt to changing market conditions at a moment’s notice. Therefore, you never have to worry that your policies are outdated or missing key elements that correspond to the current T&E standards. Automation provides information that will continually help you remain up-to-date so your rules don’t become obsolete.

Remains Inclusive, Not Exclusive

It’s natural to wonder about the effect of automation on the workforce. The good news is that even when automated systems are put in place, human minds remain integral to the operation. Where finance is concerned, automation simplifies redundant functions, but reason must be applied for successful outcomes nevertheless. Generally speaking, judgment is still needed in order to approve certain reports and reject others.

So the act of bringing automation into your company’s operations does not threaten human employment. It actually enhances the quality of essential resources available. Your finance experts will be better able to consider reports without being constantly sidetracked by monotonous work that takes time away from more important matters. As a result, they will then have more time to offer ideas and creative solutions that serve to strengthen your company in countless ways.

Conclusion

With all of today’s technological progress, automated systems provide a vital tool that’s key to company growth. When repetitive functions are absorbed by software solutions, businesses can take advantage of strategic techniques to engage their employees more productively. So your team has the additional freedom to concentrate on high level thinking that helps secure your company’s competitive edge.

When automated procedures are fully integrated, T&E reports will be streamlined to a substantial degree. While financial judgments must still take place, you won’t be hampered by the burden of manual details anymore. That’s because automation can handle these responsibilities and provide a central location for the most up-to-date compliance policies. In short, partnering with an easy-to-use automated program equips you to address business development without day-to-day expenses impeding your vision for the future.