3 Problems That Expense Management Software Will Solve At Your Organization

Most if not all of us have been on business trips where we had to pay for our own airfare, hotel rooms, car rentals, and food,.

But at the end of the trip, we have to track down and record all of the receipts, either for tax deduction purposes or for reimbursements from our company.

On a company wide level, it takes a long time to log, record, and process all expenses in this manner, whether they be travel related or not.

This is just one type of problem that expense management software will be able to solve at your organization: making it easier to track your company’s expenses.

But there are many more problems beyond tracking expenses that expense management software will be able to help you with, and that’s what we’re going to talk about today.

Here are three problems that expense management software will solve at your organization:

Problem #1 – High Costs

Manually processing expense management reports can cost around thirty dollars or more for a single report.

The cost will be significantly reduced if you automate it, which will bring costs down to just around five or ten dollars. Considering that your company may have to process hundreds if not thousands of expense reports every single month, this could literally save your company thousands of dollars annually.

Problem #2 – Expense Fraud

Yes, some employees can and do commit expense fraud in order to get a bigger ‘reimbursement’ from the companies they work for.

In fact, the problem is so vast that it costs employers in the United States an estimated $3 billion a year alone, and that’s not including companies in other countries across the globe.

Fortunately, expense software can detect multiple different kinds of expense fraud, such as employees claiming expenses they didn’t really incur or claiming non-business related items or expenses.

Aside from fraud, something else that expense management software can really help to reduce the chances of is…

Problem #3 – Human Error

Last but not least, the chance of human errors on your expense reports drop dramatically if you have it done by software rather than manually, in addition to the extremely large amount of time it saves your employees in the accounting department as well.

Human error when manually processing reports is simply natural. Expense software, however, is expressly designed to reduce the chances of errors, duplications, and other mistakes by a significant margin.

Solving Problems With Expense Management Software

These are just three examples of problems that expense management software will be able to solve at your company, in addition to many others as well.

For example, expense management software can also be used to reimburse your employees for business travel expenses faster, to make it easier to find and analyze financial trends in your company, and just improve overall operational efficiency to name a few things.