Automation can bring huge benefits to your HR department, and one area where it can be particularly useful is with expenses.
Expense management is a vital process for any business, but if you’re doing it manually, then it could be taking longer, leading to more errors, and costing you money in the long run.
The right expenses software can help your streamline this process and offer the following benefits.
1. Boosts Productivity
If you ask most employees, submitting their expenses isn’t top of their to-do list. Collecting receipts from jacket pockets and filing them all manually is tiresome, and it takes time away from people being able to their actual jobs.
The right expenses software from XCD makes this process much easier. Employees simply have to take a picture of their receipt using their mobile device, and the app automates much of the process. This saves time so your employees can get back to focusing on the jobs that make your business money.
2. Automation
Creating expense reports manually is labor intensive and time-consuming. When you’ve got the right software, many aspects of the process can be automated, meaning less work for your HR team.
Your HR staff have a huge number of responsibilities, so expense software can free up time they can devote to other areas of your business.
3. Eliminate Manual Errors
Humans make errors; it’s just the way it is. The more you can automate processes such as expenses, the more you can ensure they are error-free.
Expense software takes many of the difficult parts of expenses out of the hands of employees and brings it online where the software doesn’t make errors. There’s always going to be a human element, but the parts that are automated will be error-free, saving your business time and money.
4. Compliance
Expenses software helps boost compliance. When you make things easy for people, they’re much more likely to comply with your regulations, and this is what you do by automating expense management.
If people have to do their expenses manually and it causes them hassle, then it’s less likely they’re going to follow the guidelines.
5. Quicker Turnaround
When everything has to be processed and verified manually, it can take a long time for the process to be completed. However, when much of these actions are automated, you can have results much more quickly.
This can mean your employees being reimbursed more quickly, and your books being up to date more often.
6. Analytics
Expenses software can give you immediate and powerful insights into your business’s spending.
When you’re doing your expenses manually, it can take months and months before you get an accurate picture of your finances, but expenses tools can give you this in real-time. This allows you to delve deeper into the data and gain insights that can help you improve your business. Data is key, and the right expenses software can give you the insights you need to improve your processes.
