Does it really? Innovating expense reporting system seems to enjoy less priority in many organizations. While invoicing has already been digitized in many organizations, employees are still walking around the building to print the form, get approval and bring their expenses to the finance department. Expense management might feel as a smaller part of the job to be done at finance departments but with the right expense software, it is very easy for your company to cut costs. Right now, you’re probably thinking: ‘Software costs money. How can I save money by buying software to replace an already free process?’ Cut hidden costs Research by the Aberdeen Group has shown that the costs of processing one expense report can be reduced by 65% with a mobile expense management application. The costs of one expense reports on paper are $23. These costs are the hidden costs, based on the time employees, managers and finance spent on processing it. However, the hidden costs of an online expense report are only $5. Firstly, time saved on expense report creation is (27%). Next, the expense approval time is reduced (28%). But most time is saved at the finance department. Companies that use cloud-based expense management, experience 50% lower expense-processing costs than companies not leveraging cloud-based expense management solutions. Because the expense reports are received digitally instead of on paper, there is no need for finance to copy the data into the accounting software. After approval, simply click on the export button. In general, expense reporting tools should integrate with every ERP.