ROI on expense management
The advantages to automating your expense management solution
Investing in a digital expense management system can yield various benefits for companies. In this blog post, we will be discussing the tangible returns that can come with automating your expense management solution.
For a quick overview on the ROI of automating your expense management solution, download this infographic.
Time savings
Implementing digital expense management tools has proven to be a game-changer for businesses, with a staggering 75% of companies reporting significant time savings after adopting these technologies, according to Rydoo. By embracing automation, these companies have streamlined their expense management processes, resulting in remarkable efficiencies.
With the automation of expense management solutions, the cumbersome tasks associated with manual data entry and paperwork have become obsolete. Employees no longer need to spend hours sorting through receipts or filling out forms, as digital tools allow for seamless capturing and processing of expenses. This not only boosts productivity but also enhances accuracy, ensuring that financial records are error-free and compliance is maintained.
Reduced errors
Around 19% of expense reports contain errors, which poses a significant challenge for businesses, both in terms of time and cost (GBTA). Rectifying a single erroneous expense report incurs a substantial expense of $52 and demands 18 minutes of valuable work time. However, the solution to this issue lies in embracing automation within the expense management system.
By implementing digital tools, businesses can drastically minimize these errors. Automation ensures that expenses are accurately recorded, calculated and validated, reducing the likelihood of mistakes caused by manual data entry. Automated solutions also offer receipt OCR. Receipt OCR improves accuracy, efficiency, and reliability in data entry processes by automating the extraction of information from receipts and minimizing the potential for human error.
Faster reimbursement
The standard reimbursement period, averaging 12 days according to HR News, can pose a financial strain on employees who often find themselves waiting for extended periods before being reimbursed for their expenses. However, the introduction of automation in expense management processes has the potential to revolutionize this scenario. With automated systems in place, employees can now experience significantly faster reimbursements.
Digital tools can expedite the approval and processing stages, enabling employees to receive their reimbursements in a much shorter timeframe. This swift turnaround not only alleviates financial burdens but also boosts morale within the workforce. Employees no longer have to bear out-of-pocket expenses for extended durations, leading to increased job satisfaction and a sense of financial security.
Fraud prevention
The impact of travel and expense fraud on corporate finances is significant, constituting 14.5% of all uncovered corporate fraud, as reported by Payhawk. In response to this alarming statistic, businesses are turning to automation to tackle this issue effectively.
Modern expense management systems are equipped with a comprehensive reporting feature, augmenting the capacity of customers to thoroughly examine their expense data. This enhancement facilitates a more effective identification of irregularities, empowering users to independently spot discrepancies with increased precision and efficiency. Unlike manual scrutiny, automation can process vast amounts of data swiftly and accurately, ensuring that fraudulent expenses are detected promptly.
How Zetadocs Expenses helps you
Zetadocs Expenses helps businesses save time by automating expense management and streamlining processes. The system significantly reduces errors through its efficient and accurate tracking capabilities and through receipt OCR, ensuring that financial data remains error-free.
Zetadocs Expenses can help expedite reimbursement for employees, providing a swift and transparent experience for claims processing. Additionally, our reporting features play a crucial role in fraud prevention, enabling the timely identification and mitigation of irregularities, thereby safeguarding the financial integrity of the organization.