5 Key Benefits of Expense Reporting Software
As businesses grow, business processes need to change, too. While a paper filing system, customized complex spreadsheet, or simple accounting software may have worked in the beginning, eventually those methods become time-intensive to maintain. They are also rife with the potential for mistakes and data failures. Expense reporting software makes complex financial processes easy, but they also have some lesser-known benefits to help your business. Here are five.
Five Ways Expense Reporting Software Benefits Your Business
1. Improved Responsiveness
Expense reporting software helps you keep great relationships with your clients! Whether it’s to answer a question, report progress, or write a new bid, access to up-to-the-minute data on current projects and accurate historical information on previous projects allows you to respond promptly, accurately, and confidently to all client inquiries. No need to keep them waiting for answers!
2. Reduced Fraud
Expense reporting software includes safeguards that protect you from fraud and negligence, which could result in financial losses, legal liability, or audit findings. Permission controls prevent non-authorized employees from accessing or modifying records, and time-stamped change records make all record modifications transparent. Protect your business, your employees, and your clients from fraud allegations or unintentional negligence with the built-in control mechanisms available through expense reporting software.
3. Fewer Errors
Errors cost money – both in real dollars and staff time spent correcting them. Expense reporting software reduces opportunities for human error by integrating with payroll programs and financial management platforms to eliminate the need for multiple manual entries that increase the potential for human error. Automated reports also ensure your calculations are correct every time, giving you confidence that you’re basing business decisions on accurate information.
4. Increased Efficiency and Organization.
Expense reporting software streamlines your business processes and keeps your information safe. Photo uploads of receipts are stored electronically, meaning your back-up documentation is easily accessible whenever you need it. Client reimbursable expenses can be automatically turned into an invoice, so there’s no need to do it manually – and no chance it will be forgotten and need to be re-submitted in future months. One platform keeps all your data safe and organized, so you no longer need to fear data loss or disorganization.
5. Data-Informed Decisions
Web-based expense reporting software makes it easy for employees to log their expenses and gives managers real-time access to budgets and expense reports. Track project progress, make budget adjustments and identify potential overages before they become an emergency. Dive a little deeper into pre-programmed reports to review staff productivity and business profitability. Business decisions become less complex when you have the full financial picture at your fingertips.
Expense Reporting Software Accessible from Anywhere
Ready to see how expense reporting software can revolutionize the way you do business? MindSalt Time & Expense is a web-based, remote-friendly platform offering ease of use for your employees and real-time data for your managers. Trusted by businesses large and small across the globe, MindSalt will help you streamline your business practices and keep a better handle on your company finances. With a no-obligation 30-day trial, there’s no reason not to give it a try. Sign up today!