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.
Build your business case
Some of our largest clients have built their case whether to implement an online expense reporting tool (almost) solely on a cost-benefit analysis. In order to do that, they have not necessarily used the findings from the Aberdeen Group. Even better, they took the time to analyse their own internal processing. Obviously, as they have become clients, they found that online expense reporting with SRXP, in fact, saves so much time that it will have a positive ROI.
Of course, there are more important benefits of online expense reporting. For example, here at SRXP we always pledge greater insight and control into expenses, the frustration caused by the messy administration will be taken away from employees and finance or HR department. If you’d like to be informed about more benefits, be sure to follow our blogs and request an online demo!About me: I am Pieter Verbruggen, CEO of SRXP. We offer the user-friendliest expense reporting tool. We have acquired our expertise through years of close contact and innovation with clients. Do you want to get an online tour of SRXP and see all the features?